State of Alaska Department of Revenue Cuts Holdings in Equity Residential (NYSE:EQR)

State of Alaska Department of Revenue lowered its stake in Equity Residential (NYSE:EQR - Free Report) by 8.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,174 shares of the real estate investment trust's stock after selling 23,262 shares during the period. State of Alaska Department of Revenue owned 0.06% of Equity Residential worth $17,882,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Modera Wealth Management LLC boosted its position in Equity Residential by 6.5% in the third quarter. Modera Wealth Management LLC now owns 3,278 shares of the real estate investment trust's stock valued at $244,000 after buying an additional 200 shares in the last quarter. Forsta AP Fonden lifted its holdings in shares of Equity Residential by 53.8% during the third quarter. Forsta AP Fonden now owns 94,000 shares of the real estate investment trust's stock worth $6,999,000 after purchasing an additional 32,900 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Equity Residential by 36.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,327 shares of the real estate investment trust's stock worth $3,501,000 after purchasing an additional 12,631 shares during the period. Mediolanum International Funds Ltd lifted its holdings in shares of Equity Residential by 4.3% during the third quarter. Mediolanum International Funds Ltd now owns 20,064 shares of the real estate investment trust's stock worth $1,482,000 after purchasing an additional 818 shares during the period. Finally, E. Ohman J or Asset Management AB acquired a new position in shares of Equity Residential during the third quarter worth $1,042,000. Institutional investors and hedge funds own 92.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. UBS Group lifted their price target on shares of Equity Residential from $75.00 to $82.00 and gave the stock a "buy" rating in a report on Thursday, July 18th. Truist Financial lifted their price target on shares of Equity Residential from $73.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, August 29th. Scotiabank lifted their price target on shares of Equity Residential from $77.00 to $81.00 and gave the stock a "sector perform" rating in a report on Monday, September 16th. Bank of America lowered shares of Equity Residential from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $78.00 to $82.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Equity Residential from $68.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, September 16th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Equity Residential has a consensus rating of "Hold" and a consensus price target of $75.97.

Equity Residential Stock Down 1.8 %

EQR traded down $1.39 during midday trading on Friday, hitting $74.67. The company had a trading volume of 1,056,501 shares, compared to its average volume of 1,449,197. Equity Residential has a 52 week low of $52.57 and a 52 week high of $78.83. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 6.17 and a beta of 0.89. The stock's 50 day moving average price is $74.68 and its 200 day moving average price is $69.76.

Equity Residential (NYSE:EQR - Get Free Report) last issued its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.49). The business had revenue of $734.20 million for the quarter, compared to analyst estimates of $735.26 million. Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, research analysts anticipate that Equity Residential will post 3.89 earnings per share for the current fiscal year.

Equity Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th were issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Tuesday, September 24th. Equity Residential's dividend payout ratio is currently 112.03%.

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.