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Is Equity Residential (EQR) Stock Attractively Valued?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like Equity Residential (NYSE:EQR) in the Q3 2022 investor letter. Equity Residential (NYSE:EQR) is a real estate company focused on residential properties located in and around dynamic cities. On November 18, 2022, Equity Residential (NYSE:EQR) stock closed at $62.93 per share. One-month return of Equity Residential (NYSE:EQR) was -4.90% and its shares lost 26.16% of their value over the last 52 weeks. Equity Residential (NYSE:EQR) has a market capitalization of $24.666 billion.

Baron Funds made the following comment about Equity Residential (NYSE:EQR) in its Q3 2022 investor letter:

Equity Residential (NYSE:EQR) is the largest U.S. apartment REIT with 80,000 high-quality apartment units concentrated in coastal markets with strong barriers to entry, compelling resident income/demographics, and high cost of home ownership. The company maintains a strong and liquid balance sheet.

It is valued at a 5.2% implied capitalization rate representing a discount to private market transactions in the 4% capitalization range. At its public market implied valuation of only $450,000 per apartment, its shares are valued at more than a 25% discount to private market values.”

Copyright: zhukovsky / 123RF Stock Photo

Equity Residential (NYSE:EQR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Equity Residential (NYSE:EQR) at the end of the third quarter, which was 34 in the previous quarter.

We discussed Equity Residential (NYSE:EQR) in another article and shared the best real estate stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.