Citigroup Inc. Decreases Position in Equity Residential (NYSE:EQR)

Citigroup Inc. cut its holdings in shares of Equity Residential (NYSE:EQR - Free Report) by 29.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 285,851 shares of the real estate investment trust's stock after selling 118,901 shares during the period. Citigroup Inc. owned about 0.08% of Equity Residential worth $21,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Equity Residential by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,008,341 shares of the real estate investment trust's stock worth $298,461,000 after acquiring an additional 124,795 shares during the period. Smithfield Trust Co raised its position in shares of Equity Residential by 20.9% in the third quarter. Smithfield Trust Co now owns 1,209 shares of the real estate investment trust's stock worth $89,000 after acquiring an additional 209 shares during the period. Landscape Capital Management L.L.C. raised its position in shares of Equity Residential by 466.8% in the third quarter. Landscape Capital Management L.L.C. now owns 18,574 shares of the real estate investment trust's stock worth $1,383,000 after acquiring an additional 15,297 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Equity Residential in the third quarter worth about $7,384,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Equity Residential by 13.8% in the third quarter. PNC Financial Services Group Inc. now owns 60,287 shares of the real estate investment trust's stock worth $4,489,000 after acquiring an additional 7,315 shares during the period. Institutional investors and hedge funds own 92.68% of the company's stock.

Equity Residential Stock Performance

NYSE:EQR opened at $77.12 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $29.26 billion, a P/E ratio of 31.61, a PEG ratio of 6.15 and a beta of 0.90. The company has a 50 day moving average price of $74.09 and a 200 day moving average price of $71.24. Equity Residential has a fifty-two week low of $56.05 and a fifty-two week high of $78.83.

Equity Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, September 24th were given a dividend of $0.675 per share. The ex-dividend date was Tuesday, September 24th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.50%. Equity Residential's payout ratio is currently 110.66%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EQR. Piper Sandler upped their price objective on shares of Equity Residential from $80.00 to $85.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. Wedbush raised their price target on shares of Equity Residential from $68.00 to $75.00 and gave the company a "neutral" rating in a research note on Monday, August 5th. BNP Paribas assumed 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. JPMorgan Chase & Co. raised their price target on shares of Equity Residential from $68.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company lowered shares of Equity Residential from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $69.00 to $77.00 in a research note on Monday, August 26th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $77.25.

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.