Saturday, June 25, 2022

Insider Selling: SHAPIRO MARK S, Equity Residential [EQR] Director divested 6,665 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Equity Residential shares valued at $467,216 were sold by SHAPIRO MARK S on Jun 17. At $70.10 per share, SHAPIRO MARK S sold 6,665 shares. The insider’s holdings dropped to 12,497 shares worth approximately $0.89 million following the completion of this transaction.

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Also, Manelis Michael L sold 3,629 shares, netting a total of over 327,082 in proceeds. Following the sale of shares at $90.13 each, the insider now holds 22,130 shares.

Before that, Garechana Robert had sold 2,770 shares from its account. In a trade valued at $249,660, the EVP & Chief Financial Officer traded Equity Residential shares for $90.13 each. Upon closing the transaction, the insider’s holdings decreased to 2,770 shares, worth approximately $1.8 million.

As published in a research note from RBC Capital Mkts on June 22, 2022, Equity Residential [EQR] has been rated up from a Sector perform to an Outperform and the price target has been revised to $79 from $95. This represents a 9.67% premium over Wednesday’s closing price. Analysts at Mizuho upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid May. Earlier on December 16, 2021, Scotiabank upgraded its rating. Their new recommendation was “a Sector perform” for EQR stock which previously was a “a Sector underperform”.

Analyzing EQR’s Price Performance

On Wednesday, Equity Residential [NYSE: EQR] rose 0.14% to $71.36. The stock’s lowest price that day was $70.67, but it reached a high of $72.37 in the same session. During the last five days, there has been a surge of approximately 3.75%. Over the course of the year, Equity Residential shares have dropped approximately -21.15%. Shares of the company reached a 52-week high of $94.32 on 04/21/22 and a 52-week low of $67.48 on 06/16/22. A 50-day SMA is recorded $78.69, while a 200-day SMA reached $84.66. Nevertheless, trading volume fell to 2.34 million shares from 2.56 million shares the previous day.

Support And Resistance Levels for Equity Residential (EQR)

According to the 24-hour chart, there is a support level at 70.56, which, if violated, would cause prices to drop to 69.77. In the upper region, resistance lies at 72.26. The next price resistance is at 73.17. RSI (Relative Strength Index) is 40.43 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.23, which suggests the price will decrease in the coming days. Percent R is at 62.66%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Equity Residential subject to short interest?

Stocks of Equity Residential saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.65 million shares to 4.98 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 4.33 million shares. A jump of 13.05% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.37 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.37.

Which companies own the most shares of Equity Residential (EQR)?

According to The Vanguard Group, Inc. filings, the company currently owns 55,960,571 shares, which is about 14.88% of the total EQR shares outstanding. The investor’s shares have appreciated by 1,458,466 from its previous 13-F filing of 54502105.0 shares. With the completion of the buy, Norges Bank Investment Management’s stake is now worth $2,317,091,769. SSgA Funds Management, Inc. acquire a 3.82% interest valued at $1.86 billion while BlackRock Fund Advisors sold a -360,860 stake. A total of -4,287,291 shares of Equity Residential were sold by T. Rowe Price Associates, Inc. during the quarter, and -83,827 were sold by APG Asset Management US, Inc. In its current portfolio, Managed Account Advisors LLC holds 10,493,115 shares valued at $806.19 million.

In terms of Equity Residential share price expectations, FactSet research, analysts set an average price target of $87.84 in the next 12 months, up nearly 19.28% from the previous closing price of $71.26. Analysts anticipate Equity Residential stock to reach $104.00 by 2022, with the lowest price target being $78.00. In spite of this, 25 analysts ranked Equity Residential stock as an Overweight at the end of 2022. On December 07, 2021, Stifel assigned a price target of “a Hold” to the stock and initiated coverage with a $93.

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