M&T Bank Corp lowered its position in shares of Equity Residential (NYSE:EQR) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,482 shares of the real estate investment trust’s stock after selling 8,661 shares during the period. M&T Bank Corp’s holdings in Equity Residential were worth $5,949,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of EQR. Cornerstone Advisors Inc. increased its position in Equity Residential by 22.7% in the third quarter. Cornerstone Advisors Inc. now owns 1,604 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 297 shares during the period. Assetmark Inc. bought a new position in Equity Residential during the second quarter worth approximately $146,000. Compagnie Lombard Odier SCmA bought a new position in Equity Residential during the second quarter worth approximately $165,000. Invictus RG bought a new position in Equity Residential during the second quarter worth approximately $224,000. Finally, Lebenthal Asset Management LLC bought a new position in Equity Residential during the first quarter worth approximately $248,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.
Shares of Equity Residential (NYSE:EQR) traded up 0.37% during mid-day trading on Friday, reaching $59.43. 772,367 shares of the company traded hands. Equity Residential has a 52-week low of $58.28 and a 52-week high of $82.39. The stock’s 50 day moving average is $60.69 and its 200 day moving average is $65.20. The stock has a market capitalization of $21.73 billion, a PE ratio of 5.18 and a beta of 0.37.
Equity Residential (NYSE:EQR) last released its quarterly earnings results on Tuesday, October 25th. The real estate investment trust reported $0.77 EPS for the quarter, missing the Zacks’ consensus estimate of $0.78 by $0.01. Equity Residential had a net margin of 167.17% and a return on equity of 39.22%. The firm earned $606.07 million during the quarter, compared to the consensus estimate of $602.10 million. During the same period in the prior year, the business earned $0.89 EPS. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, analysts anticipate that Equity Residential will post $3.08 earnings per share for the current year.
EQR has been the topic of a number of recent research reports. Raymond James Financial Inc. downgraded shares of Equity Residential from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 3rd. Cantor Fitzgerald downgraded shares of Equity Residential from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $68.00 in a research report on Thursday, July 28th. Zacks Investment Research upgraded shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Friday, August 12th. Citigroup Inc. reduced their price target on shares of Equity Residential from $74.00 to $72.00 and set a “neutral” rating on the stock in a research report on Friday, July 29th. Finally, Jefferies Group restated a “hold” rating on shares of Equity Residential in a research report on Wednesday, August 10th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $68.83.
About Equity Residential