Equity Residential (NYSE:EQR) Releases Q2 Earnings Guidance

Equity Residential (NYSE:EQR) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.92-0.96 for the period, compared to the consensus estimate of $0.96. Equity Residential also updated its FY 2024 guidance to 3.800-3.900 EPS.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley raised their target price on Equity Residential from $58.00 to $64.00 and gave the company an equal weight rating in a research note on Monday, February 26th. Evercore ISI boosted their price target on Equity Residential from $67.00 to $70.00 and gave the company an outperform rating in a report on Thursday. Barclays cut their price target on Equity Residential from $69.00 to $67.00 and set an equal weight rating for the company in a report on Tuesday, February 20th. The Goldman Sachs Group restated a buy rating and issued a $70.00 price objective on shares of Equity Residential in a research report on Thursday, February 22nd. Finally, Raymond James upgraded Equity Residential from an underperform rating to a market perform rating in a research report on Monday, March 18th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $66.04.

Equity Residential Stock Up 0.4 %

Equity Residential stock traded up $0.29 during trading hours on Thursday, hitting $64.90. The company had a trading volume of 3,326,243 shares, compared to its average volume of 2,103,258. The firm has a market capitalization of $24.59 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 3.66 and a beta of 0.84. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s fifty day moving average is $61.89 and its 200-day moving average is $59.81. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $730.80 million during the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a net margin of 31.70% and a return on equity of 8.19%. Equity Residential’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 EPS. On average, research analysts forecast that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were issued a dividend of $0.675 per share. This is an increase from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 annualized dividend and a yield of 4.16%. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is currently 112.03%.

Insiders Place Their Bets

In related news, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares in the company, valued at $1,384,252.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.43, for a total value of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares in the company, valued at $1,845,479.79. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares in the company, valued at $1,384,252.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,280 shares of company stock valued at $192,335. Insiders own 1.00% of the company’s stock.

Equity Residential Company Profile

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.