Mystic Asset Management Inc. Buys 1,130 Shares of Equity Residential (NYSE:EQR)

Mystic Asset Management Inc. raised its stake in shares of Equity Residential (NYSE:EQR) by 20.7% in the fourth quarter, Holdings Channel reports. The fund owned 6,580 shares of the real estate investment trust’s stock after acquiring an additional 1,130 shares during the period. Mystic Asset Management Inc.’s holdings in Equity Residential were worth $472,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SRS Capital Advisors Inc. lifted its holdings in shares of Equity Residential by 607.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 361 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 310 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Equity Residential during the third quarter valued at $29,000. Assetmark Inc. lifted its holdings in shares of Equity Residential by 2,529.4% during the third quarter. Assetmark Inc. now owns 447 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 430 shares during the period. Brooklyn Investment Group bought a new position in shares of Equity Residential during the third quarter valued at $33,000. Finally, Continuum Advisory LLC bought a new position in shares of Equity Residential during the third quarter valued at $40,000. 92.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays cut their price objective on Equity Residential from $83.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, January 24th. Wells Fargo & Company reduced their price target on shares of Equity Residential from $77.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Evercore ISI upped their price target on shares of Equity Residential from $74.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, February 10th. Scotiabank upped their price target on shares of Equity Residential from $78.00 to $79.00 and gave the stock a “sector perform” rating in a research report on Friday, February 14th. Finally, StockNews.com upgraded shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $78.51.

Equity Residential Stock Performance

Equity Residential stock opened at $69.46 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.72. Equity Residential has a 1 year low of $59.48 and a 1 year high of $78.84. The company has a market cap of $26.38 billion, a PE ratio of 25.54, a PEG ratio of 3.99 and a beta of 0.91. The company’s 50-day moving average is $70.64 and its two-hundred day moving average is $72.73.

Insider Buying and Selling at Equity Residential

In related news, COO Michael L. Manelis sold 9,487 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $72.07, for a total value of $683,728.09. Following the sale, the chief operating officer now directly owns 26,781 shares in the company, valued at $1,930,106.67. This trade represents a 26.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Garechana sold 4,294 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $72.06, for a total transaction of $309,425.64. Following the completion of the sale, the chief financial officer now owns 14,108 shares in the company, valued at $1,016,622.48. This represents a 23.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,763 shares of company stock worth $1,424,217. Company insiders own 1.00% of the company’s stock.

Equity Residential Profile

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.