Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Holdings in Equity Residential (NYSE:EQR)

Posted by Defense World Staff on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in shares of Equity Residential (NYSE:EQR – Get Rating) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,377,739 shares of the real estate investment trust’s stock after selling 33,181 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.36% of Equity Residential worth $81,287,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Desjardins Global Asset Management Inc. increased its position in Equity Residential by 1.9% during the 3rd quarter. Desjardins Global Asset Management Inc. now owns 8,330 shares of the real estate investment trust’s stock valued at $559,000 after buying an additional 156 shares in the last quarter. IFP Advisors Inc raised its position in Equity Residential by 32.2% in the third quarter. IFP Advisors Inc now owns 776 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 189 shares during the period. Commerce Bank raised its position in Equity Residential by 1.4% in the third quarter. Commerce Bank now owns 13,589 shares of the real estate investment trust’s stock valued at $913,000 after purchasing an additional 194 shares during the period. Laurel Wealth Advisors Inc. grew its stake in shares of Equity Residential by 3.5% in the third quarter. Laurel Wealth Advisors Inc. now owns 5,961 shares of the real estate investment trust’s stock valued at $400,000 after buying an additional 200 shares in the last quarter. Finally, United Capital Financial Advisers LLC grew its stake in Equity Residential by 0.9% during the 1st quarter. United Capital Financial Advisers LLC now owns 22,740 shares of the real estate investment trust’s stock worth $2,045,000 after purchasing an additional 212 shares in the last quarter. 82.62% of the stock is owned by institutional investors.

Equity Residential Stock Up 0.4 %

EQR stock opened at $60.04 on Friday. The firm has a market cap of $22.73 billion, a PE ratio of 29.15, a PEG ratio of 3.06 and a beta of 0.81. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.65. Equity Residential has a 1 year low of $54.60 and a 1 year high of $94.32. The company has a fifty day simple moving average of $61.26 and a 200 day simple moving average of $62.00.

Equity Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Monday, March 27th will be issued a dividend of $0.6625 per share. This is an increase from Equity Residential’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Friday, March 24th. This represents a $2.65 annualized dividend and a dividend yield of 4.41%. Equity Residential’s payout ratio is presently 128.64%.

Analyst Upgrades and Downgrades

Several research firms have commented on EQR. Truist Financial upped their price objective on Equity Residential from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, March 10th. Citigroup increased their price target on Equity Residential from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, February 15th. StockNews.com began coverage on Equity Residential in a research note on Thursday, March 16th. They set a “hold” rating for the company. BMO Capital Markets cut shares of Equity Residential from a “market perform” rating to an “underperform” rating and cut their target price for the stock from $70.00 to $61.00 in a report on Friday, December 16th. Finally, Wells Fargo & Company initiated coverage on Equity Residential in a report on Wednesday, March 29th. They set an “equal weight” rating and a $62.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $71.44.

Equity Residential 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.