Equity Residential (NYSE:EQR) Stock Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in Equity Residential (NYSE:EQR) by 7.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 50,817 shares of the real estate investment trust’s stock after buying an additional 3,437 shares during the period. CIBC Asset Management Inc’s holdings in Equity Residential were worth $3,784,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in Equity Residential by 482.3% during the 2nd quarter. Principal Financial Group Inc. now owns 7,153,749 shares of the real estate investment trust’s stock valued at $496,040,000 after purchasing an additional 5,925,177 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Equity Residential by 1,459.8% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,949,473 shares of the real estate investment trust’s stock valued at $145,158,000 after purchasing an additional 1,824,494 shares in the last quarter. National Bank of Canada FI grew its position in Equity Residential by 679.0% in the second quarter. National Bank of Canada FI now owns 594,774 shares of the real estate investment trust’s stock worth $40,528,000 after buying an additional 518,424 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Equity Residential by 39.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,676,445 shares of the real estate investment trust’s stock worth $116,245,000 after acquiring an additional 475,124 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Equity Residential by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,267,675 shares of the real estate investment trust’s stock worth $1,279,095,000 after purchasing an additional 381,236 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Trading Up 1.1 %

EQR stock opened at $74.42 on Tuesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.76. Equity Residential has a twelve month low of $54.70 and a twelve month high of $78.83. The company has a market cap of $28.24 billion, a P/E ratio of 30.50, a PEG ratio of 5.98 and a beta of 0.90. The business has a fifty day moving average of $74.31 and a 200-day moving average of $70.86.

Equity Residential Dividend Announcement

The firm also recently announced 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 of this dividend was Tuesday, September 24th. This represents a $2.70 dividend on an annualized basis and a yield of 3.63%. Equity Residential’s payout ratio is presently 110.66%.

Wall Street Analyst Weigh In

EQR has been the topic of several recent analyst reports. Evercore ISI boosted their target price on shares of Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Scotiabank cut their price target on shares of Equity Residential from $81.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday, November 14th. Stifel Nicolaus upgraded Equity Residential from a “hold” rating to a “buy” rating and boosted their target price for the stock from $77.75 to $81.50 in a report on Wednesday, November 13th. Piper Sandler boosted their target price 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 raised Equity Residential from a “hold” rating to a “buy” rating and increased their price objective for the company from $62.00 to $83.00 in a research report on Tuesday, September 10th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Equity Residential presently has a consensus rating of “Hold” and an average price target of $77.25.

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.