Wed Sep 25 07:22:57 UTC 2024: ## Bank of America Downgrades Equity Residential (EQR) to Neutral

**New York, NY – September 25, 2024** – Bank of America downgraded shares of Equity Residential (EQR) from a “buy” rating to a “neutral” rating in a report published on Tuesday morning. The firm maintained a $82.00 price objective on the real estate investment trust’s stock, representing an increase from their prior target of $78.00.

This downgrade comes amidst mixed signals from other analysts. Scotiabank upgraded EQR to a “sector perform” rating and increased their price objective to $81.00, while Mizuho maintained a “neutral” rating with a target price of $64.00. Royal Bank of Canada also raised their target price to $75.00, giving the company an “outperform” rating. JPMorgan Chase & Co. increased their price target to $80.00, maintaining a “neutral” rating. Finally, BNP Paribas assumed coverage on Equity Residential, issuing an “outperform” rating and a $83.00 target price.

Overall, analysts remain cautiously optimistic about EQR, with 13 investment analysts rating the stock as a “hold” and 7 giving it a “buy” rating. MarketBeat.com reports a consensus “hold” rating and a target price of $75.97.

Equity Residential reported earnings on July 29th, falling short of analyst expectations. The REIT reported earnings per share of $0.47, missing estimates of $0.96 by $0.49. Revenue for the quarter came in at $734.20 million, slightly below the anticipated $735.26 million.

The company also announced a quarterly dividend of $0.675, payable on October 11th to investors of record on September 24th. This represents an annualized dividend of $2.70, yielding 3.59%.

Equity Residential, a member of the S&P 500, is focused on acquiring, developing and managing residential properties in major cities across the US. The company owns or has investments in 305 properties with 80,683 apartment units.

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