RB Capital Management LLC Sells 1,038 Shares of Equity Residential (NYSE:EQR)

RB Capital Management LLC trimmed its position in shares of Equity Residential (NYSE:EQR) by 6.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,187 shares of the real estate investment trust’s stock after selling 1,038 shares during the period. RB Capital Management LLC’s holdings in Equity Residential were worth $929,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of EQR. Financial Gravity Asset Management Inc. increased its stake in Equity Residential by 593.9% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 458 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 392 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Equity Residential during the fourth quarter valued at approximately $28,000. Allworth Financial LP boosted its holdings in shares of Equity Residential by 120.8% in the fourth quarter. Allworth Financial LP now owns 488 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 267 shares during the period. AdvisorNet Financial Inc purchased a new stake in shares of Equity Residential in the fourth quarter valued at approximately $34,000. Finally, Kelly Lawrence W & Associates Inc. CA bought a new position in Equity Residential in the third quarter worth approximately $40,000. Institutional investors own 92.68% of the company’s stock.

Equity Residential Price Performance

Shares of Equity Residential stock traded down $0.36 during trading hours on Wednesday, reaching $64.04. The stock had a trading volume of 2,356,984 shares, compared to its average volume of 2,107,555. Equity Residential has a twelve month low of $52.57 and a twelve month high of $69.45. The company has a current ratio of 0.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $24.31 billion, a PE ratio of 26.72, a PEG ratio of 3.79 and a beta of 0.84. The stock’s 50 day moving average is $62.18 and its 200 day moving average is $59.91.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The company had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. Equity Residential’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.87 earnings per share. Equities analysts expect that Equity Residential will post 3.85 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were given a dividend of $0.675 per share. The ex-dividend date of this dividend was Friday, March 22nd. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 dividend on an annualized basis and a yield of 4.22%. Equity Residential’s dividend payout ratio is currently 112.03%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EQR. Royal Bank of Canada upped their target price on Equity Residential from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Equity Residential in a research report on Tuesday, January 30th. They issued a “hold” rating and a $64.00 price target for the company. Morgan Stanley lifted their price objective on shares of Equity Residential from $58.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Truist Financial lowered their target price on Equity Residential from $71.00 to $67.00 and set a “buy” rating for the company in a report on Tuesday, April 9th. Finally, Wedbush reiterated a “neutral” rating and issued a $68.00 price target on shares of Equity Residential in a report on Monday. Ten 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 company presently has a consensus rating of “Hold” and a consensus price target of $67.04.

Insider Activity

In related news, COO Michael L. Manelis sold 1,639 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.43, for a total value of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.43, for a total value of $97,405.77. Following the transaction, the chief operating officer now owns 31,053 shares in the company, valued at approximately $1,845,479.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alexander Brackenridge sold 4,027 shares of the company’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $65.01, for a total transaction of $261,795.27. Following the sale, the executive vice president now directly owns 69,901 shares of the company’s stock, valued at approximately $4,544,264.01. The disclosure for this sale can be found here. Insiders have sold a total of 10,548 shares of company stock worth $666,351 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

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.