Equity Residential (EQR) is Downgraded by Mizuho to Underperform, Price Target at $60

Equity Residential (EQR) was Downgraded by Mizuho to ” Underperform” and the brokerage firm has set the Price Target at $60. Earlier the firm had a rating of “Neutral ” on the company shares. Mizuho advised their investors in a research report released on Jul 27, 2016.

Many Wall Street Analysts have commented on Equity Residential. Equity Residential was Downgraded by Jefferies to ” Hold” on Jun 8, 2016. Equity Residential was Upgraded by SunTrust to ” Buy” on Jun 2, 2016. Shares were Reiterated by RBC Capital Mkts on Jun 2, 2016 to “Sector Perform” and Lowered the Price Target to $ 72 from a previous price target of $74 .

On the company’s financial health, Equity Residential reported $0.76 EPS for the quarter, based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus estimate of $0.76. The company had revenue of $619.10 million for the quarter, compared to analysts expectations of $657.29 million. The company’s revenue was down -7.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.79 EPS.

Equity Residential opened for trading at $65.74 and hit $67.26 on the upside on Thursday, eventually ending the session at $66.85, with a gain of 1.35% or 0.89 points. The heightened volatility saw the trading volume jump to 41,79,400 shares. Company has a market cap of $24,434 M.

In a different news, on Mar 30, 2016, Mark J. Parrell (Executive Vice President & CFO) sold 36,874 shares at $74.40 per share price. According to the SEC, 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.

Equity Residential

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