Equity Residential (EQR) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Apr 11, 2016.
Many Wall Street Analysts have commented on Equity Residential. Equity Residential was Downgraded by Citigroup to ” Neutral” on Mar 30, 2016. Shares were Reiterated by RBC Capital Mkts on Feb 8, 2016 to “Sector Perform” and Lowered the Price Target to $ 85 from a previous price target of $87 .Equity Residential was Downgraded by JMP Securities to ” Mkt Perform” on Jan 19, 2016.
On the company’s financial health, Equity Residential reported $0.93 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Feb 2, 2016. Analyst had a consensus of $0.92. The company had revenue of $703.20 million for the quarter, compared to analysts expectations of $703.89 million. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS.
Equity Residential closed down -1.63 points or -2.21% at $72.28 with 24,85,191 shares getting traded on Monday. Post opening the session at $73.33, the shares hit an intraday low of $72.2 and an intraday high of $73.33 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Mar 30, 2016, Bruce C Strohm (EVP & General Counsel) sold 9,552 shares at $74.00 per share price. According to the SEC, on Mar 30, 2016, Mark J. Parrell (Executive Vice President & CFO) sold 36,874 shares at $74.40 per share price. On Mar 22, 2016, Charles L Atwood (director) sold 4,000 shares at $74.11 per share price, according to the Form-4 filing with the securities and exchange commission.
Equity Residential is a real estate investment trust (REIT) focused on the acquisition development and management of apartment properties in the United States growth markets. ERP Operating Limited Partnership (ERPOP) conducts the multifamily residential property business of Equity Residential. The Company is the general partner and owns an approximate 96.2% ownership interest in ERPOP. The remaining 3.8% interest is owned by limited partners. As of December 31 2014 the Company directly or indirectly through investments in title holding entities owned all or a portion of 391 properties located in 12 states and the District of Columbia consisting of 109225 apartment units. All of the Company’s property ownership development and related business operations are conducted through ERPOP.