Brokerages expect that Equity Residential (NYSE:EQR) will announce earnings of $0.85 per share for the current quarter, Zacks reports. Seven analysts have made estimates for Equity Residential’s earnings, with the highest EPS estimate coming in at $0.87 and the lowest estimate coming in at $0.84. Equity Residential reported earnings of $0.81 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.9%. The business is expected to report its next quarterly earnings results after the market closes on Tuesday, July 30th.
On average, analysts expect that Equity Residential will report full year earnings of $3.40 per share for the current year, with EPS estimates ranging from $3.38 to $3.41. For the next year, analysts forecast that the business will post earnings of $3.54 per share, with EPS estimates ranging from $3.50 to $3.62. Zacks’ EPS averages are an average based on a survey of research analysts that cover Equity Residential.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.53). The firm had revenue of $662.30 million for the quarter, compared to the consensus estimate of $655.00 million. Equity Residential had a return on equity of 5.31% and a net margin of 21.10%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS.
A number of equities research analysts have commented on EQR shares. Raymond James upgraded Equity Residential from an “underperform” rating to a “market perform” rating and set a $75.74 price target on the stock in a research report on Thursday, April 11th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 price target on shares of Equity Residential in a research report on Monday, March 25th. Morgan Stanley upped their price target on Equity Residential from $70.00 to $79.00 and gave the company an “equal weight” rating in a research report on Thursday, June 27th. Zacks Investment Research lowered Equity Residential from a “hold” rating to a “sell” rating in a research report on Monday, March 18th. Finally, Evercore ISI lowered Equity Residential from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.21.
In other news, CEO Mark J. Parrell sold 59,385 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $76.60, for a total value of $4,548,891.00. Following the transaction, the chief executive officer now directly owns 79,782 shares of the company’s stock, valued at approximately $6,111,301.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Fenster sold 2,477 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $79.36, for a total value of $196,574.72. The disclosure for this sale can be found here. Insiders sold a total of 185,173 shares of company stock worth $14,222,839 over the last three months. 3.75% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of EQR. Cullen Frost Bankers Inc. acquired a new position in Equity Residential during the 1st quarter worth approximately $30,000. Liberty Wealth Management LLC acquired a new position in Equity Residential during the 4th quarter worth approximately $38,000. Parallel Advisors LLC raised its stake in Equity Residential by 162.9% during the 1st quarter. Parallel Advisors LLC now owns 828 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 513 shares during the period. Bronfman E.L. Rothschild L.P. raised its stake in Equity Residential by 120.6% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 1,736 shares of the real estate investment trust’s stock worth $115,000 after buying an additional 949 shares during the period. Finally, American Research & Management Co. acquired a new position in Equity Residential during the 1st quarter worth approximately $143,000. 88.02% of the stock is currently owned by institutional investors and hedge funds.
EQR stock traded down $0.42 during midday trading on Monday, reaching $77.92. 639,465 shares of the stock were exchanged, compared to its average volume of 1,109,994. The firm has a fifty day moving average of $77.15. Equity Residential has a 52 week low of $62.40 and a 52 week high of $79.47. The company has a market cap of $29.03 billion, a PE ratio of 23.98, a PEG ratio of 3.89 and a beta of 0.50. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.88.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.567 dividend. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, June 27th. Equity Residential’s dividend payout ratio is 69.85%.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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