Putnam Investments LLC Takes $3.05 Million Position in Equity Residential (NYSE:EQR)

Posted by Defense World Staff on Mar 12th, 2023

Putnam Investments LLC acquired a new position in Equity Residential (NYSE:EQR – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 45,420 shares of the real estate investment trust’s stock, valued at approximately $3,054,000.

Several other large investors have also recently made changes to their positions in EQR. Principal Financial Group Inc. lifted its holdings in shares of Equity Residential by 369.7% in the 2nd quarter. Principal Financial Group Inc. now owns 2,025,015 shares of the real estate investment trust’s stock worth $146,246,000 after acquiring an additional 1,593,884 shares during the last quarter. Long Pond Capital LP acquired a new stake in Equity Residential during the 2nd quarter worth approximately $73,962,000. Invesco Ltd. lifted its holdings in Equity Residential by 34.9% during the 1st quarter. Invesco Ltd. now owns 3,647,722 shares of the real estate investment trust’s stock worth $328,002,000 after buying an additional 943,870 shares in the last quarter. Echo Street Capital Management LLC lifted its holdings in Equity Residential by 264.6% during the 2nd quarter. Echo Street Capital Management LLC now owns 1,060,679 shares of the real estate investment trust’s stock worth $76,602,000 after buying an additional 769,773 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Equity Residential by 38.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,341,522 shares of the real estate investment trust’s stock worth $169,105,000 after buying an additional 652,761 shares in the last quarter. 82.62% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Stock Down 3.9 %

EQR stock opened at $58.47 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.33 and a quick ratio of 0.33. Equity Residential has a 1-year low of $57.38 and a 1-year high of $94.32. The firm has a fifty day moving average price of $62.50 and a two-hundred day moving average price of $64.49. The firm has a market cap of $22.14 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 3.09 and a beta of 0.80.

Equity Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd were paid a dividend of $0.625 per share. The ex-dividend date of this dividend was Friday, December 30th. This represents a $2.50 annualized dividend and a yield of 4.28%. Equity Residential’s payout ratio is 121.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Argus upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Thursday, November 17th. BTIG Research lowered shares of Equity Residential from a “buy” rating to a “neutral” rating in a report on Wednesday, January 11th. Credit Suisse Group lowered shares of Equity Residential from an “outperform” rating to a “neutral” rating and set a $58.00 target price on the stock. in a report on Monday, January 9th. Mizuho increased their price objective on shares of Equity Residential from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, February 23rd. Finally, BMO Capital Markets downgraded shares of Equity Residential from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $70.00 to $61.00 in a research report on Friday, December 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $72.00.

Equity Residential Company Profile

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Equity Residential operates as a real estate investment trust. It engages in the acquisition, development, and management of rental apartment properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The company was founded by Robert H.