Live Stock Coverage: Bearish Gap Down for Equity Residential After Worse Fundamentals

Live Stock Coverage: Bearish Gap Down for Equity Residential After Worse Fundamentals

The stock of Equity Residential (NYSE:EQR) gapped down by $0.1 today and has $57.41 target or 9.00% below today’s $63.09 share price. The 7 months technical chart setup indicates high risk for the $23.09B company. The gap down was reported on Oct, 4 by Barchart.com. If the $57.41 price target is reached, the company will be worth $2.08 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 1.93% or $1.24 on October 3, hitting $63.09. Equity Residential (NYSE:EQR) has declined 8.06% since March 1, 2016 and is downtrending. It has underperformed by 20.27% the S&P500.

Analysts await Equity Residential (NYSE:EQR) to report earnings on October, 24. They expect $0.77 EPS, down 11.49% or $0.10 from last year’s $0.87 per share. EQR’s profit will be $281.81 million for 20.48 P/E if the $0.77 EPS becomes a reality. After $0.76 actual EPS reported by Equity Residential for the previous quarter, Wall Street now forecasts 1.32% EPS growth.

Equity Residential (NYSE:EQR) Ratings Coverage

Out of 18 analysts covering Equity Residential (NYSE:EQR), 5 rate it a “Buy”, 1 “Sell”, while 12 “Hold”. This means 28% are positive. Equity Residential has been the topic of 38 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Barclays Capital with “Equal Weight” on Wednesday, August 5. The firm has “Buy” rating given on Tuesday, May 24 by BB&T Capital. As per Tuesday, November 10, the company rating was initiated by BB&T Capital. Bank of America downgraded the shares of EQR in a report on Monday, April 11 to “Neutral” rating. As per Monday, November 9, the company rating was downgraded by Miller Tabak. Deutsche Bank maintained the stock with “Hold” rating in Friday, June 3 report. The firm has “Buy” rating given on Tuesday, September 8 by Evercore. The company was upgraded on Wednesday, September 9 by Miller Tabak. RBC Capital Markets maintained Equity Residential (NYSE:EQR) rating on Monday, May 2. RBC Capital Markets has “Sector Perform” rating and $74 price target. The rating was downgraded by Evercore to “Hold” on Wednesday, April 27.

According to Zacks Investment Research, “Equity Residential Prop. is a self-administered and self-managed equity real estate investment trust. The company’s subsidiaries include the Operating Partnership, a series of management limited partnerships and companies, the Financing Partnerships, the limited liability companies, and certain other entities.”

Insitutional Activity: The institutional sentiment increased to 1.14 in Q2 2016. Its up 0.22, from 0.92 in 2016Q1. The ratio improved, as 41 funds sold all Equity Residential shares owned while 154 reduced positions. 61 funds bought stakes while 161 increased positions. They now own 338.61 million shares or 5.37% less from 357.82 million shares in 2016Q1.
Oakbrook Invests Ltd holds 0.09% of its portfolio in Equity Residential (NYSE:EQR) for 22,439 shares. Delta Asset Mgmt Ltd Liability Tn reported 1,955 shares or 0.02% of all its holdings. The Illinois-based Blair William & Com Il has invested 0.01% in Equity Residential (NYSE:EQR). Bp Public Limited Company owns 41,000 shares or 0.11% of their US portfolio. Vanguard Grp Inc Inc reported 50.97M shares or 0.22% of all its holdings. Investec Asset Limited has 0.07% invested in the company for 206,360 shares. Victory Mgmt owns 11,190 shares or 0% of their US portfolio. Df Dent, a Maryland-based fund reported 6,026 shares. Johnson Fincl Grp Inc holds 586 shares or 0.01% of its portfolio. Rafferty Asset Mngmt Ltd Liability Company holds 0.18% of its portfolio in Equity Residential (NYSE:EQR) for 38,445 shares. Hedeker Wealth Ltd Liability Co has 18,915 shares for 1.14% of their US portfolio. Tower Research Lc (Trc) holds 289 shares or 0% of its portfolio. Creative Planning holds 0% of its portfolio in Equity Residential (NYSE:EQR) for 2,359 shares. Hm Payson has 0.02% invested in the company for 5,593 shares. Gerstein Fisher accumulated 0.14% or 16,041 shares.

More notable recent Equity Residential (NYSE:EQR) news were published by: Reuters.com which released: “BRIEF-Equity residential reaffirms its full year same store revenue growth…” on September 27, 2016, also Reuters.com with their article: “BRIEF-Equity Residential declares special cash dividend of $3 per share” published on September 14, 2016, Businesswire.com published: “Equity Residential Announces Third Quarter 2016 Earnings Release Date” on September 27, 2016. More interesting news about Equity Residential (NYSE:EQR) were released by: Finance.Yahoo.com and their article: “Equity Residential (EQR) On Track to Meet Full-Year Guidance” published on September 28, 2016 as well as Zacks.com‘s news article titled: “Equity Residential to Pay $3 Special Dividend on Asset Sale” with publication date: September 15, 2016.

EQR Company Profile

Equity Residential, incorporated on July 21, 1992, is a real estate investment trust. The Firm is focused on the acquisition, development and management of apartment properties in various markets of the United States. The Company’s divisions include Boston, New York, San Francisco, Seattle, Southern California, Washington D.C., Non-core – South Florida, Non-core – Denver, and Non-core – other. ERP Operating Limited Partnership (Operating Partnership) conducts the multifamily residential property business of the Company. The Company’s property ownership, development and related business are conducted through the Operating Partnership. The Firm holds interests in approximately 390 properties located in over 10 states and the District of Columbia, consisting of approximately 109,650 apartment units.

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