Price Target Update on Equity Residential (NYSE:EQR)

Equity Residential (NYSE:EQR) : The highest level Equity Residential (NYSE:EQR) is projected to reach is $82 for the short term and the lowest estimate is at $66. The consolidated price target from 16 rating analysts who initiate coverage on the stock is $74.59 and the possibility the share price can swing is $3.4.

Other Equity analysts have also commented on the company shares. Jefferies downgrades its view on Equity Residential (NYSE:EQR) according to the research report released by the firm to its investors. The shares have now been rated Hold by the stock experts at the ratings house. Earlier, the shares had a rating of Buy. Jefferies lowers the price target from $79 per share to $66 per share on Equity Residential. The rating by the firm was issued on June 8, 2016.

Equity Residential (NYSE:EQR): stock turned positive on Thursday. Though the stock opened at $66.41, the bulls momentum made the stock top out at $66.42 level for the day. The stock recorded a low of $65.81 and closed the trading day at $66.09, in the green by 0.34%. The total traded volume for the day was 2,458,558. The stock had closed at $65.8662 in the previous days trading.

The company shares have dropped -6.06% from its 1 Year high price. On Dec 31, 2015, the shares registered one year high at $82.39 and the one year low was seen on Aug 24, 2015. The 50-Day Moving Average price is $67.42 and the 200 Day Moving Average price is recorded at $73.01. On the companys insider trading activities,The officer (Executive Vice President) of Equity Residential, Tennison Mark N sold 52,293 shares at $74.88 on March 29, 2016. The Insider selling transaction had a total value worth of $3,915,700. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.

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 109,225 apartment units. All of the Companys property ownership, development and related business operations are conducted through ERPOP.

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