Scotiabank Lowers Equity Residential (NYSE:EQR) Price Target to $78.00

Equity Residential (NYSE:EQR) had its target price lowered by Scotiabank from $81.00 to $78.00 in a research report sent to investors on Thursday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

A number of other research analysts have also weighed in on the stock. BNP Paribas began coverage on shares of Equity Residential in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $83.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised Equity Residential from a “hold” rating to a “buy” rating and lifted their price target for the stock from $62.00 to $83.00 in a research note on Tuesday, September 10th. Wells Fargo & Company downgraded Equity Residential from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $69.00 to $77.00 in a research note on Monday, August 26th. The Goldman Sachs Group started coverage on Equity Residential in a report on Wednesday, September 4th. They issued a “neutral” rating and a $81.00 price objective on the stock. Finally, Piper Sandler boosted their target price on Equity Residential from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Equity Residential presently has an average rating of “Hold” and a consensus price target of $77.25.

Equity Residential Stock Performance

EQR opened at $73.59 on Thursday. The firm’s fifty day simple moving average is $74.32 and its two-hundred day simple moving average is $70.80. Equity Residential has a 52-week low of $54.53 and a 52-week high of $78.83. The company has a market cap of $27.92 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 5.98 and a beta of 0.90. 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 announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, September 24th were paid a dividend of $0.675 per share. The ex-dividend date of this dividend was Tuesday, September 24th. This represents a $2.70 annualized dividend and a yield of 3.67%. Equity Residential’s payout ratio is 110.66%.

Hedge Funds Weigh In On Equity Residential

Several hedge funds and other institutional investors have recently made changes to their positions in EQR. Maryland Capital Advisors Inc. acquired a new stake in Equity Residential in the third quarter valued at approximately $25,000. Brooklyn Investment Group acquired a new stake in shares of Equity Residential in the 3rd quarter valued at $33,000. Assetmark Inc. lifted its position in shares of Equity Residential by 2,529.4% during the 3rd quarter. Assetmark Inc. now owns 447 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 430 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Equity Residential by 69.6% during the 3rd quarter. UMB Bank n.a. now owns 475 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 195 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Equity Residential by 41.9% during the second quarter. Massmutual Trust Co. FSB ADV now owns 525 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 155 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.