DnB Asset Management AS Purchases 3,590 Shares of Equity Residential (NYSE:EQR)

Posted by Defense World Staff on Sep 18th, 2023

DnB Asset Management AS boosted its position in Equity Residential (NYSE:EQR – Free Report) by 5.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,991 shares of the real estate investment trust’s stock after acquiring an additional 3,590 shares during the quarter. DnB Asset Management AS’s holdings in Equity Residential were worth $4,551,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in EQR. Trust Co. of Vermont increased its stake in Equity Residential by 340.0% in the first quarter. Trust Co. of Vermont now owns 440 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 340 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Equity Residential by 133.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 474 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 271 shares during the last quarter. OLD Mission Capital LLC bought a new position in shares of Equity Residential during the fourth quarter valued at about $28,000. Money Concepts Capital Corp bought a new position in shares of Equity Residential during the fourth quarter valued at about $29,000. Finally, Janiczek Wealth Management LLC grew its stake in shares of Equity Residential by 536.7% during the first quarter. Janiczek Wealth Management LLC now owns 503 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 424 shares during the last quarter. Institutional investors own 84.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EQR. TheStreet raised Equity Residential from a “c+” rating to a “b-” rating in a research note on Monday, July 17th. StockNews.com began coverage on Equity Residential in a research note on Thursday, August 17th. They set a “hold” rating on the stock. JPMorgan Chase & Co. raised their price objective on Equity Residential from $72.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, August 21st. BMO Capital Markets raised Equity Residential from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $60.00 to $64.00 in a research note on Monday, June 5th. Finally, 3M reiterated an “upgrade” rating on shares of Equity Residential in a report on Friday, June 9th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.94.

Read Our Latest Report on Equity Residential

Equity Residential Stock Performance

Shares of EQR opened at $63.16 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.19 and a quick ratio of 0.19. Equity Residential has a one year low of $54.60 and a one year high of $73.19. The company has a 50-day simple moving average of $65.32 and a two-hundred day simple moving average of $63.07. The firm has a market capitalization of $23.94 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 3.09 and a beta of 0.82.

Equity Residential Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Tuesday, September 26th will be issued a dividend of $0.6625 per share. This represents a $2.65 annualized dividend and a dividend yield of 4.20%. Equity Residential’s payout ratio is 119.91%.

Insider Activity

In other news, COO Michael L. Manelis sold 2,500 shares of Equity Residential stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $66.04, for a total transaction of $165,100.00. Following the completion of the transaction, the chief operating officer now directly owns 22,844 shares in the company, valued at $1,508,617.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.69% of the company’s stock.

About Equity Residential

(Free Report)

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 304 properties consisting of 80,212 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.