Stocks: Equity Commonwealth (EQC) Cut to Hold at Zacks Investment Research

Stocks: Equity Commonwealth (EQC) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Equity Commonwealth (NYSE:EQC) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “

Separately, TheStreet upgraded Equity Commonwealth from a c+ rating to a b- rating in a research note on Monday, January 23rd. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Equity Commonwealth presently has an average rating of Hold and a consensus price target of $32.67.

Equity Commonwealth (NYSE:EQC) opened at 30.99 on Tuesday. The firm has a market capitalization of $3.84 billion, a PE ratio of 20.90 and a beta of 0.15. Equity Commonwealth has a 1-year low of $27.12 and a 1-year high of $32.51. The company’s 50-day moving average price is $31.73 and its 200 day moving average price is $30.63.

Equity Commonwealth (NYSE:EQC) last announced its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.26 by $0.02. The business had revenue of $99.50 million for the quarter, compared to analyst estimates of $102.72 million. Equity Commonwealth had a net margin of 49.21% and a return on equity of 8.62%. The firm’s revenue was down 27.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, equities analysts anticipate that Equity Commonwealth will post $0.19 EPS for the current year.

Several hedge funds have recently made changes to their positions in EQC. Renaissance Technologies LLC increased its stake in shares of Equity Commonwealth by 14.7% in the fourth quarter. Renaissance Technologies LLC now owns 2,120,498 shares of the real estate investment trust’s stock valued at $64,124,000 after buying an additional 272,323 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Equity Commonwealth by 564.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 59,844 shares of the real estate investment trust’s stock valued at $1,808,000 after buying an additional 50,844 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Equity Commonwealth by 0.9% in the fourth quarter. New York State Teachers Retirement System now owns 10,800 shares of the real estate investment trust’s stock valued at $327,000 after buying an additional 100 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Equity Commonwealth during the first quarter valued at $4,358,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Equity Commonwealth by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,676,186 shares of the real estate investment trust’s stock valued at $50,688,000 after buying an additional 34,265 shares in the last quarter. Institutional investors own 91.65% of the company’s stock.

About Equity Commonwealth

Equity Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of December 31, 2016, the Company’s portfolio included 33 properties, one land parcel and one property taken out of a service, classified as a land parcel, with a combined 16.1 million square feet.

Get a free copy of the Zacks research report on Equity Commonwealth (EQC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Related posts

Leave a Comment