Allstate Corp Has $5.39 Million Position in Equity Residential (NYSE:EQR)

Allstate Corp lessened its holdings in Equity Residential (NYSE:EQR - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,059 shares of the real estate investment trust's stock after selling 8,570 shares during the period. Allstate Corp's holdings in Equity Residential were worth $5,386,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Principal Financial Group Inc. raised its holdings in Equity Residential by 8.3% during the third quarter. Principal Financial Group Inc. now owns 7,745,615 shares of the real estate investment trust's stock valued at $576,737,000 after buying an additional 591,866 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Equity Residential by 79.9% during the 3rd quarter. Cerity Partners LLC now owns 8,950 shares of the real estate investment trust's stock valued at $667,000 after acquiring an additional 3,975 shares during the last quarter. FMR LLC raised its stake in shares of Equity Residential by 29.0% in the 3rd quarter. FMR LLC now owns 7,746,494 shares of the real estate investment trust's stock valued at $576,804,000 after acquiring an additional 1,741,840 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Equity Residential in the 3rd quarter worth approximately $33,000. Finally, BNP Paribas Financial Markets boosted its position in Equity Residential by 45.0% during the third quarter. BNP Paribas Financial Markets now owns 564,865 shares of the real estate investment trust's stock worth $42,060,000 after purchasing an additional 175,268 shares during the period. Hedge funds and other institutional investors own 92.68% of the company's stock.

Remove Ads

Insider Activity

In other news, COO Michael L. Manelis sold 9,487 shares of Equity Residential stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $72.07, for a total value of $683,728.09. Following the completion of the sale, the chief operating officer now directly owns 26,781 shares of the company's stock, valued at approximately $1,930,106.67. This trade represents a 26.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Fenster sold 5,340 shares of the company's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $72.06, for a total value of $384,800.40. Following the transaction, the executive vice president now directly owns 35,507 shares in the company, valued at $2,558,634.42. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,763 shares of company stock worth $1,424,217. 1.00% of the stock is owned by corporate insiders.

Equity Residential Price Performance

Shares of Equity Residential stock traded up $0.22 during mid-day trading on Wednesday, reaching $71.50. 369,907 shares of the stock were exchanged, compared to its average volume of 1,679,091. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.72. The company has a market cap of $27.15 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 3.99 and a beta of 0.91. Equity Residential has a fifty-two week low of $59.48 and a fifty-two week high of $78.84. The firm has a 50-day simple moving average of $71.01 and a 200 day simple moving average of $72.38.

Equity Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.6925 per share. This represents a $2.77 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Monday, March 31st. This is a boost from Equity Residential's previous quarterly dividend of $0.68. Equity Residential's dividend payout ratio is presently 101.84%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on EQR shares. Evercore ISI boosted their price objective on shares of Equity Residential from $74.00 to $76.00 and gave the stock an "in-line" rating in a research note on Monday, February 10th. Wells Fargo & Company cut their price objective on Equity Residential from $77.00 to $75.00 and set an "equal weight" rating for the company in a research report on Friday, January 24th. Scotiabank raised their target price on Equity Residential from $78.00 to $79.00 and gave the company a "sector perform" rating in a report on Friday, February 14th. Truist Financial upped their price target on Equity Residential from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Finally, Stifel Nicolaus set a $82.25 price objective on shares of Equity Residential in a research note on Tuesday, February 4th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $78.51.

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.