Equity Residential (NYSE:EQR) Given New $75.00 Price Target at Wells Fargo & Company

Equity Residential (NYSE:EQR) had its price objective cut by Wells Fargo & Company from $77.00 to $75.00 in a report published on Friday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on EQR. Barclays cut their price objective on Equity Residential from $83.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday. Stifel Nicolaus raised shares of Equity Residential from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $77.75 to $81.50 in a research report on Wednesday, November 13th. Mizuho reduced their target price on shares of Equity Residential from $78.00 to $74.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Royal Bank of Canada lowered their price target on shares of Equity Residential from $83.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com raised Equity Residential from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $78.36.

Equity Residential Price Performance

Equity Residential stock opened at $68.33 on Friday. Equity Residential has a 52 week low of $57.33 and a 52 week high of $78.83. The company’s 50 day moving average price is $72.10 and its two-hundred day moving average price is $72.59. The stock has a market cap of $25.92 billion, a P/E ratio of 28.00, a P/E/G ratio of 5.36 and a beta of 0.93. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.76.

Equity Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date was Thursday, January 2nd. Equity Residential’s payout ratio is currently 110.66%.

Institutional Investors Weigh In On Equity Residential

Institutional investors and hedge funds have recently modified their holdings of the stock. AE Wealth Management LLC bought a new stake in Equity Residential during the 2nd quarter valued at approximately $321,000. Pacer Advisors Inc. grew its stake in Equity Residential by 4.7% in the second quarter. Pacer Advisors Inc. now owns 24,542 shares of the real estate investment trust’s stock worth $1,702,000 after purchasing an additional 1,110 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Equity Residential by 103.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,212 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 615 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Equity Residential by 18.7% during the second quarter. Public Sector Pension Investment Board now owns 47,997 shares of the real estate investment trust’s stock valued at $3,328,000 after buying an additional 7,549 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of Equity Residential by 1.1% during the 2nd quarter. Bank of Montreal Can now owns 418,570 shares of the real estate investment trust’s stock valued at $29,040,000 after buying an additional 4,699 shares in the last quarter. 92.68% of the stock is owned by hedge funds and other institutional investors.

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.