Equity Commonwealth (EQC) Stock Rating Upgraded by Zacks Investment Research
Equity Commonwealth (NYSE:EQC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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, Stifel Nicolaus reissued a “hold” rating and issued a $31.00 target price on shares of Equity Commonwealth in a research note on Thursday, October 26th.
Equity Commonwealth (NYSE:EQC) last announced its earnings results on Tuesday, October 24th. The real estate investment trust reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.05). Equity Commonwealth had a net margin of 17.04% and a return on equity of 2.00%. The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $92.13 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue for the quarter was down 32.1% compared to the same quarter last year. research analysts forecast that Equity Commonwealth will post 0.9 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of EQC. The Manufacturers Life Insurance Company grew its holdings in Equity Commonwealth by 7.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,853 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 275 shares during the period. Blair William & Co. IL purchased a new stake in Equity Commonwealth in the 2nd quarter valued at about $202,000. Cubist Systematic Strategies LLC purchased a new stake in Equity Commonwealth in the 3rd quarter valued at about $213,000. Fox Run Management L.L.C. purchased a new stake in Equity Commonwealth in the 3rd quarter valued at about $240,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Equity Commonwealth by 6.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,232 shares of the real estate investment trust’s stock valued at $260,000 after buying an additional 463 shares during the period. Institutional investors own 95.29% of the company’s stock.
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Equity Commonwealth Company Profile
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 August 14, 2017, the Company’s portfolio included 20 properties and 11 million square feet.
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