Equity Residential (NYSE:EQR) Upgraded to Buy by Deutsche Bank Aktiengesellschaft

Equity Residential (NYSE:EQR) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage currently has a $83.00 target price on the real estate investment trust’s stock, up from their prior target price of $62.00. Deutsche Bank Aktiengesellschaft’s target price would suggest a potential upside of 10.52% from the stock’s previous close.

Several other research firms have also commented on EQR. Piper Sandler increased their target price on shares of Equity Residential from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their price target on shares of Equity Residential from $74.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Evercore ISI boosted their price target on shares of Equity Residential from $74.00 to $75.00 and gave the company an “in-line” rating in a report on Monday. Wells Fargo & Company lowered shares of Equity Residential from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $69.00 to $77.00 in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Equity Residential from $66.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, June 17th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $74.09.

Equity Residential Trading Up 1.0 %

Shares of NYSE:EQR opened at $75.10 on Tuesday. The company has a 50 day moving average of $71.02 and a 200-day moving average of $66.65. The firm has a market cap of $28.47 billion, a P/E ratio of 31.16, a P/E/G ratio of 4.14 and a beta of 0.89. Equity Residential has a twelve month low of $52.57 and a twelve month high of $76.75. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQR) last released its earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The business had revenue of $734.20 million for the quarter, compared to analyst estimates of $735.26 million. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, analysts anticipate that Equity Residential will post 3.89 earnings per share for the current fiscal year.

Insider Transactions at Equity Residential

In other news, CFO Robert Garechana sold 6,357 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the transaction, the chief financial officer now owns 14,576 shares in the company, valued at approximately $1,006,910.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC acquired a new position in shares of Equity Residential during the 2nd quarter worth $796,000. Coronation Fund Managers Ltd. increased its stake in shares of Equity Residential by 12.3% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 146,775 shares of the real estate investment trust’s stock worth $10,177,000 after purchasing an additional 16,063 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Equity Residential by 3.0% during the 2nd quarter. Cetera Investment Advisers now owns 46,353 shares of the real estate investment trust’s stock worth $3,214,000 after purchasing an additional 1,344 shares during the last quarter. Truist Financial Corp increased its stake in shares of Equity Residential by 2.3% during the 2nd quarter. Truist Financial Corp now owns 12,768 shares of the real estate investment trust’s stock worth $885,000 after purchasing an additional 289 shares during the last quarter. Finally, Chase Investment Counsel Corp bought a new stake in shares of Equity Residential during the 2nd quarter worth $341,000. Institutional investors and hedge funds own 92.68% of the company’s stock.

About Equity Residential

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.