Principal Financial Group Inc. Purchases 591,866 Shares of Equity Residential (NYSE:EQR)

Principal Financial Group Inc. lifted its position in Equity Residential (NYSE:EQR - Free Report) by 8.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,745,615 shares of the real estate investment trust's stock after buying an additional 591,866 shares during the period. Principal Financial Group Inc. owned approximately 2.04% of Equity Residential worth $576,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Maryland Capital Advisors Inc. purchased a new position in Equity Residential in the third quarter worth about $25,000. Fidelis Capital Partners LLC purchased a new stake in Equity Residential during the first quarter valued at approximately $27,000. UMB Bank n.a. raised its position in Equity Residential by 69.6% in the third quarter. UMB Bank n.a. now owns 475 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 195 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in shares of Equity Residential by 41.9% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 525 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 155 shares during the last quarter. Finally, HHM Wealth Advisors LLC grew its position in shares of Equity Residential by 146.6% during the 2nd quarter. HHM Wealth Advisors LLC now owns 550 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 327 shares during the period. Institutional investors own 92.68% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Royal Bank of Canada lowered their target price on Equity Residential from $83.00 to $79.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. The Goldman Sachs Group initiated coverage on shares of Equity Residential in a report on Wednesday, September 4th. They issued a "neutral" rating and a $81.00 target price for the company. BNP Paribas started coverage on shares of Equity Residential in a report on Wednesday, September 11th. They set an "outperform" rating and a $83.00 price target on the stock. Piper Sandler upped their price target 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. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Equity Residential from a "hold" rating to a "buy" rating and raised their price objective for the company from $62.00 to $83.00 in a research report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $76.19.

Equity Residential Price Performance

Equity Residential stock traded up $0.47 during mid-day trading on Thursday, reaching $71.85. 1,232,690 shares of the company's stock traded hands, compared to its average volume of 1,860,496. Equity Residential has a 12-month low of $53.48 and a 12-month high of $78.83. The company has a quick ratio of 0.21, a current ratio of 0.13 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average of $74.56 and a two-hundred day moving average of $70.31. The company has a market cap of $27.24 billion, a price-to-earnings ratio of 29.42, a PEG ratio of 5.87 and a beta of 0.90.

Equity Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 yield of 3.76%. Equity Residential's dividend payout ratio (DPR) is presently 110.66%.

Equity Residential 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.