Westchester Capital Management Lowers stake in Equity Commonwealth (EQC)

Equity Commonwealth (EQC) : Westchester Capital Management reduced its stake in Equity Commonwealth by 26.04% during the most recent quarter end. The investment management company now holds a total of 883,844 shares of Equity Commonwealth which is valued at $26,320,874 after selling 311,149 shares in Equity Commonwealth , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Equity Commonwealth makes up approximately 0.82% of Westchester Capital Management’s portfolio.

Other Hedge Funds, Including , Hgi Capital Management boosted its stake in EQC in the latest quarter, The investment management firm added 26,184 additional shares and now holds a total of 85,098 shares of Equity Commonwealth which is valued at $2,534,218. Equity Commonwealth makes up approx 3.99% of Hgi Capital Management’s portfolio. Lebenthal Asset Management added EQC to its portfolio by purchasing 51,639 company shares during the most recent quarter which is valued at $1,537,809. Equity Commonwealth makes up approx 0.19% of Lebenthal Asset Management’s portfolio.Rafferty Asset Management reduced its stake in EQC by selling 3,962 shares or 23.15% in the most recent quarter. The Hedge Fund company now holds 13,149 shares of EQC which is valued at $390,394. Equity Commonwealth makes up approx 0.02% of Rafferty Asset Management’s portfolio.

Equity Commonwealth closed down -0.06 points or -0.19% at $31.71 with 2,916,996 shares getting traded on Wednesday. Post opening the session at $31.75, the shares hit an intraday low of $31.52 and an intraday high of $31.905 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Equity Commonwealth reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.30. The company had revenue of $145.37 million for the quarter, compared to analysts expectations of $136.57 million. The company’s revenue was down -28.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.52 EPS.

Many Wall Street Analysts have commented on Equity Commonwealth. Equity Commonwealth was Upgraded by BofA/Merrill to ” Buy” on Aug 15, 2016.

Equity Commonwealth (EQC) is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation primarily of office buildings in central business district (CBD) and suburban locations throughout the United States. The Company’s two reportable segments include CBD properties and suburban properties. Its portfolio consists of 156 properties (262 buildings) with a combined 42.9 million square feet. The Company’s portfolio comprises 40 properties (53 buildings) with a combined 21.9 million square feet located in CBD locations and 116 properties (209 buildings) with a combined 21.0 million square feet located in suburban locations. Eleven of its properties (11 buildings) with a combined 1.8 million square feet are located in Australia. The Company’s properties are leased to approximately 1800 tenants. Its principal source of funds for its operations is rents from tenants at its properties.

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