Bank of America Downgrades Equity Residential to Neutral

Brokerage firm Bank of America Downgrades its rating on Equity Residential(NYSE:EQR). The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by Bank of America was issued on Apr 11, 2016.

In a different note, On Mar 30, 2016, Citigroup said it Downgrades its rating on Equity Residential. The shares have been rated ‘Neutral’ by the firm. On Feb 11, 2016, Deutsche Bank said it Maintains its rating on Equity Residential. In the research note, the firm Lowers the price-target to $84.00 per share. The shares have been rated ‘Hold’ by the firm. On Feb 1, 2016, Mizuho Securities said it Downgrades its rating on Equity Residential. The shares have been rated ‘Neutral’ by the firm. On Jan 19, 2016, JMP Securities said it Downgrades its rating on Equity Residential. The shares have been rated ‘Market Perform’ by the firm.

Equity Residential (EQR) made into the market gainers list on Fridays trading session with the shares advancing 2.19% or 1.52 points. Due to strong positive momentum, the stock ended at $70.89, which is also near the day’s high of $71.28. The stock began the session at $69.35 and the volume stood at 21,11,990 shares. The 52-week high of the shares is $82.39 and the 52 week low is $61.9. The company has a current market capitalization of $25,885 M and it has 36,51,41,600 shares in outstanding.

Equity Residential(EQR) last announced its earnings results on Feb 2, 2016 for Fiscal Year 2015 and Q4.Company reported revenue of $703.19M. Analysts had an estimated revenue of $703.69M. Earnings per share were $0.93. Analysts had estimated an EPS of $0.92.

Several Insider Transactions has been reported to the SEC. On Mar 30, 2016, Mark J. Parrell (Executive Vice President & CFO) sold 36,874 shares at $74.40 per share price.Also, On Mar 30, 2016, Bruce C Strohm (EVP & General Counsel) sold 9,552 shares at $74.00 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.

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