Equity Commonwealth (NYSE:EQC) was upgraded by equities research analysts at Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research note issued on Friday. The brokerage currently has a $32.00 price target on the real estate investment trust’s stock, up from their prior price target of $28.00. Royal Bank Of Canada’s price target points to a potential upside of 6.03% from the company’s previous close.
Several other research analysts also recently commented on EQC. Zacks Investment Research upgraded Equity Commonwealth from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, July 5th. Bank of America Corp. upgraded Equity Commonwealth from a “neutral” rating to a “buy” rating in a report on Monday, August 15th. Finally, Citigroup Inc. raised their price objective on Equity Commonwealth from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, September 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Equity Commonwealth presently has an average rating of “Hold” and an average target price of $32.25.
Equity Commonwealth (NYSE:EQC) opened at 30.18 on Friday. The company has a market cap of $3.79 billion, a P/E ratio of 22.52 and a beta of 0.33. Equity Commonwealth has a 12-month low of $25.23 and a 12-month high of $31.91. The firm has a 50-day moving average price of $30.71 and a 200-day moving average price of $29.23.
Equity Commonwealth (NYSE:EQC) last released its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.42 EPS for the quarter, topping the consensus estimate of $0.30 by $0.12. The company had revenue of $145.37 million for the quarter, compared to the consensus estimate of $136.57 million. Equity Commonwealth had a return on equity of 6.92% and a net margin of 35.80%. Equity Commonwealth’s quarterly revenue was down 28.6% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. On average, analysts forecast that Equity Commonwealth will post $1.18 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cove Street Capital LLC increased its position in shares of Equity Commonwealth by 39.7% in the second quarter. Cove Street Capital LLC now owns 577,221 shares of the real estate investment trust’s stock worth $16,815,000 after buying an additional 163,935 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Equity Commonwealth by 8.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 930,204 shares of the real estate investment trust’s stock worth $27,097,000 after buying an additional 69,803 shares in the last quarter. Stifel Financial Corp increased its position in shares of Equity Commonwealth by 4.1% in the second quarter. Stifel Financial Corp now owns 18,350 shares of the real estate investment trust’s stock worth $536,000 after buying an additional 719 shares in the last quarter. Legal & General Group Plc increased its position in shares of Equity Commonwealth by 12.4% in the second quarter. Legal & General Group Plc now owns 337,119 shares of the real estate investment trust’s stock worth $9,818,000 after buying an additional 37,119 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Equity Commonwealth during the second quarter worth about $758,000. Institutional investors and hedge funds own 92.54% of the company’s stock.
Equity Commonwealth Company Profile
Equity Commonwealth is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation of office buildings throughout the United States. It operates in central business district properties and suburban properties segment. The Company’s portfolio includes approximately 60 properties (over 130 buildings) with a combined of approximately 24 million square feet.
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