Equity Commonwealth (EQC) Downgraded to Sell at Zacks Investment Research

Equity Commonwealth (NYSE:EQC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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. “

A number of other equities research analysts also recently commented on the company. Stifel Nicolaus downgraded Equity Commonwealth from a “buy” rating to a “hold” rating and set a $34.00 target price for the company. in a report on Wednesday, August 1st. They noted that the move was a valuation call. Citigroup raised their target price on Equity Commonwealth from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. TheStreet downgraded Equity Commonwealth from a “b-” rating to a “c+” rating in a report on Wednesday, October 17th. Finally, ValuEngine upgraded Equity Commonwealth from a “hold” rating to a “buy” rating in a research report on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $33.75.



Equity Commonwealth stock traded down $0.39 during midday trading on Wednesday, reaching $29.94. The company’s stock had a trading volume of 324,511 shares, compared to its average volume of 722,996. Equity Commonwealth has a fifty-two week low of $27.96 and a fifty-two week high of $32.66. The company has a debt-to-equity ratio of 0.08, a quick ratio of 63.57 and a current ratio of 63.57. The company has a market cap of $3.56 billion, a P/E ratio of 32.54 and a beta of 0.28.

Equity Commonwealth (NYSE:EQC) last released its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. Equity Commonwealth had a return on equity of 7.27% and a net margin of 92.07%. The company had revenue of $46.87 million during the quarter, compared to the consensus estimate of $48.78 million. Sell-side analysts predict that Equity Commonwealth will post 0.66 EPS for the current year.

Several hedge funds have recently made changes to their positions in EQC. Brown Advisory Inc. purchased a new position in shares of Equity Commonwealth in the first quarter valued at $222,000. Clinton Group Inc. purchased a new position in shares of Equity Commonwealth in the second quarter valued at $1,548,000. Xact Kapitalforvaltning AB purchased a new position in shares of Equity Commonwealth in the second quarter valued at $410,000. Port Capital LLC increased its position in shares of Equity Commonwealth by 23.1% in the second quarter. Port Capital LLC now owns 121,170 shares of the real estate investment trust’s stock valued at $3,817,000 after buying an additional 22,700 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Equity Commonwealth by 295.3% in the second quarter. Bank of Montreal Can now owns 69,754 shares of the real estate investment trust’s stock valued at $2,197,000 after buying an additional 52,108 shares in the last quarter. Institutional investors and hedge funds own 96.04% of the company’s stock.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. As of June 30, 2018, EQC's portfolio comprised 13 properties and 6.3 million square feet.

See Also: Growth Stocks

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