Scotiabank Lowers Equity Residential (NYSE:EQR) Price Target to $78.00

Equity Residential (NYSE:EQR) had its target price lowered by Scotiabank from $81.00 to $78.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 5.99% from the stock’s current price.

Several other analysts also recently issued reports on the company. Truist Financial upped their price objective on Equity Residential from $73.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, August 29th. UBS Group increased their target price on shares of Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. The Goldman Sachs Group initiated coverage on Equity Residential in a research report on Wednesday, September 4th. They set a “neutral” rating and a $81.00 price objective on the stock. Piper Sandler lifted their price target on shares of Equity Residential from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Bank of America downgraded shares of Equity Residential from a “buy” rating to a “neutral” rating and increased their target price for the company from $78.00 to $82.00 in a research report on Tuesday, September 24th. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $77.25.

Equity Residential Stock Performance

NYSE EQR opened at $73.59 on Thursday. The stock has a market cap of $27.92 billion, a PE ratio of 30.16, a P/E/G ratio of 6.07 and a beta of 0.90. 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 firm has a 50-day moving average of $74.32 and a 200-day moving average of $70.71. Equity Residential has a 52-week low of $54.53 and a 52-week high of $78.83.

Hedge Funds Weigh In On Equity Residential

Several institutional investors have recently added to or reduced their stakes in EQR. Principal Financial Group Inc. raised its stake in shares of Equity Residential by 482.3% in the second 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 acquiring an additional 5,925,177 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Equity Residential by 806.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,259,145 shares of the real estate investment trust’s stock valued at $317,136,000 after acquiring an additional 3,789,234 shares in the last quarter. Los Angeles Capital Management LLC increased its position in 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 buying an additional 1,824,494 shares in the last quarter. FMR LLC increased its holdings in shares of Equity Residential by 29.0% during the third quarter. FMR LLC now owns 7,746,494 shares of the real estate investment trust’s stock valued at $576,804,000 after acquiring an additional 1,741,840 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Equity Residential by 679.0% during the 2nd quarter. National Bank of Canada FI now owns 594,774 shares of the real estate investment trust’s stock valued at $40,528,000 after purchasing an additional 518,424 shares in the last quarter. Hedge funds and other institutional investors own 92.68% of the company’s stock.

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.