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Brackenridge Alexander, the Executive Vice President and CIO of Equity Residential (NYSE:EQR), a $27.9 billion market cap REIT, recently sold a significant portion of the company’s stock. According to a filing with the Securities and Exchange Commission, Alexander sold a total of 12,459 common shares of beneficial interest on February 6, 2025. The shares were sold at a price of $72.06 each, amounting to a total transaction value of approximately $897,795, slightly above the current trading price of $71.31.
The sale was conducted in two separate transactions. The first involved 5,689 shares, while the second consisted of 6,770 shares. These transactions were carried out to cover tax liabilities incurred upon the vesting of restricted shares, as noted in the filing.
Following these sales, Alexander now directly owns 82,509 shares of Equity Residential. Additionally, he holds 3,487 shares indirectly through a 401(k) plan, which includes shares acquired through profit-sharing contributions and dividend reinvestment activities.
Equity Residential, a real estate investment trust headquartered in Chicago, specializes in the acquisition, development, and management of rental apartment properties in urban and high-density suburban areas.
In other recent news, Equity Residential has seen a variety of analyst activity and strategic changes. UBS has maintained a Buy rating on the company with a steady price target of $84, highlighting the firm’s fourth-quarter 2024 results and its guidance for 2025 as signs of a stable demand environment. In contrast, Stifel analysts have adjusted their outlook on Equity Residential, reducing the price target from $85.00 to $82.25, while still maintaining a Buy rating. This revision followed the company’s fourth-quarter financial performance, which showed a slight deviation from expectations due to an increase in expenses.
In terms of strategic changes, Equity Residential has established a new executive severance plan and expanded its commercial paper note program. The severance plan is designed to provide a structured severance framework for non-change in control situations, aiming to aid in executive retention and recruitment. The expansion of the commercial paper note program from $1 billion to $1.5 billion allows for the issuance of additional unsecured notes.
Lastly, CFRA has updated its assessment of Equity Residential, raising the price target from $81.00 to $84.00 and maintaining a Buy rating. The firm cites confidence in the improvement of Equity Residential’s rental markets in the upcoming year. These recent developments provide investors with a detailed picture of the company’s current standing and future prospects.
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