Equity Residential (NYSE:EQR) Issues Q2 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.920-0.960 for the period, compared to the consensus EPS estimate of 0.960. The company issued revenue guidance of -. Equity Residential also updated its FY 2024 guidance to 3.800-3.900 EPS.

Analyst Ratings Changes

A number of brokerages have recently commented on EQR. Barclays dropped their price target on Equity Residential from $69.00 to $67.00 and set an equal weight rating for the company in a research note on Tuesday, February 20th. Evercore ISI lifted their price objective on shares of Equity Residential from $67.00 to $70.00 and gave the company an outperform rating in a research note on Thursday. BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and boosted their price target for the company from $68.00 to $70.00 in a research report on Monday. Royal Bank of Canada boosted their price target on shares of Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a research report on Thursday, February 1st. Finally, Piper Sandler restated a neutral rating and set a $62.00 price target on shares of Equity Residential in a research report on Tuesday, March 26th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Equity Residential presently has an average rating of Hold and a consensus target price of $66.04.

Equity Residential Trading Up 0.9 %

Shares of EQR stock traded up $0.60 during mid-day trading on Friday, reaching $65.48. The stock had a trading volume of 778,724 shares, compared to its average volume of 2,085,802. The stock’s 50-day moving average price is $61.89 and its two-hundred day moving average price is $59.81. Equity Residential has a 52-week low of $52.57 and a 52-week high of $69.45. The firm has a market capitalization of $24.81 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 3.76 and a beta of 0.84. The company has a current ratio of 0.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The firm had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $728.09 million. During the same quarter in the previous year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities analysts expect that Equity Residential will post 3.85 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were given a dividend of $0.675 per share. The ex-dividend date of this dividend was Friday, March 22nd. This represents a $2.70 annualized dividend and a dividend yield of 4.12%. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s payout ratio is currently 112.03%.

Insider Activity at Equity Residential

In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.43, for a total value of $97,405.77. Following the sale, the chief operating officer now owns 31,053 shares in the company, valued at $1,845,479.79. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Ian Kaufman sold 716 shares of the 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 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 legal filing with the SEC, which can be accessed through the SEC website. Also, COO Michael L. Manelis sold 1,639 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now owns 31,053 shares in the company, valued at approximately $1,845,479.79. The disclosure for this sale can be found here. Insiders have sold 3,280 shares of company stock worth $192,335 over the last 90 days. 1.00% of the stock is owned by company insiders.

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.