JPMorgan Chase & Co. Increases Equity Residential (NYSE:EQR) Price Target to $68.00

Equity Residential (NYSE:EQR) had its target price raised by stock analysts at JPMorgan Chase & Co. from $66.00 to $68.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 0.27% from the company’s previous close.

EQR has been the topic of a number of other research reports. Truist Financial dropped their price objective on shares of Equity Residential from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Tuesday, April 9th. Wells Fargo & Company raised their price target on shares of Equity Residential from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. Wedbush reissued a “neutral” rating and set a $68.00 price target on shares of Equity Residential in a research report on Monday, April 29th. The Goldman Sachs Group reissued a “buy” rating and set a $70.00 price target on shares of Equity Residential in a research report on Thursday, February 22nd. Finally, Raymond James raised shares of Equity Residential from an “underperform” rating to a “market perform” rating in a report on Monday, March 18th. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $68.09.

Equity Residential Trading Up 1.2 %

NYSE EQR opened at $67.82 on Monday. Equity Residential has a one year low of $52.57 and a one year high of $69.45. The company’s 50 day moving average price is $65.01 and its 200 day moving average price is $62.34. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $25.74 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 3.81 and a beta of 0.85.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. The company had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.87 earnings per share. On average, sell-side analysts predict that Equity Residential will post 3.9 EPS for the current year.

Insider Activity at Equity Residential

In related news, Director Mary Kay Haben sold 3,241 shares of Equity Residential stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $65.48, for a total transaction of $212,220.68. Following the sale, the director now directly owns 9,720 shares in the company, valued at $636,465.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Equity Residential news, EVP Alexander Brackenridge sold 4,027 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total value of $261,795.27. Following the sale, the executive vice president now directly owns 69,901 shares in the company, valued at $4,544,264.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Kay Haben sold 3,241 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $65.48, for a total transaction of $212,220.68. Following the completion of the sale, the director now owns 9,720 shares in the company, valued at $636,465.60. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Equity Residential

A number of institutional investors have recently bought and sold shares of EQR. Norges Bank purchased a new position in Equity Residential in the 4th quarter worth about $2,143,388,000. FMR LLC increased its stake in Equity Residential by 68.5% in the 3rd quarter. FMR LLC now owns 4,416,565 shares of the real estate investment trust’s stock worth $259,297,000 after purchasing an additional 1,795,772 shares in the last quarter. Davis Asset Management L.P. purchased a new position in Equity Residential in the 4th quarter worth about $61,160,000. First Eagle Investment Management LLC increased its stake in Equity Residential by 5.9% in the 4th quarter. First Eagle Investment Management LLC now owns 9,325,268 shares of the real estate investment trust’s stock worth $570,333,000 after purchasing an additional 516,941 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Equity Residential by 77.5% in the 1st quarter. Sei Investments Co. now owns 1,061,862 shares of the real estate investment trust’s stock worth $67,014,000 after purchasing an additional 463,664 shares in the last quarter. Hedge funds and other institutional investors own 92.68% of the company’s stock.

Equity Residential Company Profile

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.