Everence Capital Management Inc. Reduces Stock Position in Equity Residential (NYSE:EQR)

Everence Capital Management Inc. lessened its stake in Equity Residential (NYSE:EQR) by 9.5% in the fourth quarter, HoldingsChannel reports. The firm owned 6,790 shares of the real estate investment trust’s stock after selling 710 shares during the period. Everence Capital Management Inc.’s holdings in Equity Residential were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Maryland Capital Advisors Inc. bought a new stake in shares of Equity Residential in the third quarter worth $25,000. Wilmington Savings Fund Society FSB bought a new position in Equity Residential in the third quarter valued at about $29,000. Assetmark Inc. boosted its position in Equity Residential by 2,529.4% in the third quarter. Assetmark Inc. now owns 447 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 430 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Equity Residential during the 3rd quarter valued at about $33,000. Finally, UMB Bank n.a. increased its position in shares of Equity Residential by 69.6% during the 3rd quarter. UMB Bank n.a. now owns 475 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 195 shares during the last quarter. 92.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on EQR shares. JPMorgan Chase & Co. boosted their target price on shares of Equity Residential from $68.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Barclays initiated coverage on shares of Equity Residential in a research report on Tuesday, December 17th. They set an “overweight” rating and a $83.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised Equity Residential from a “hold” rating to a “buy” rating and raised their target price for the stock from $62.00 to $83.00 in a report on Tuesday, September 10th. Evercore ISI boosted their price target on Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Scotiabank decreased their price objective on Equity Residential from $81.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.14.

Equity Residential Stock Performance

EQR opened at $70.90 on Monday. The stock has a market capitalization of $26.90 billion, a price-to-earnings ratio of 29.06, a PEG ratio of 5.90 and a beta of 0.93. Equity Residential has a fifty-two week low of $57.33 and a fifty-two week high of $78.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.13 and a current ratio of 0.13. The company has a fifty day moving average of $73.16 and a 200 day moving average of $72.59.

Equity Residential Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 2nd will be issued a $0.675 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.70 annualized dividend and a dividend yield of 3.81%. Equity Residential’s dividend payout ratio (DPR) is 110.66%.

About Equity Residential

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.