Equity Residential (NYSE:EQR) Expected to Announce Quarterly Sales of $680.34 Million

Wall Street brokerages expect Equity Residential (NYSE:EQR) to announce sales of $680.34 million for the current quarter, Zacks reports. Eight analysts have provided estimates for Equity Residential’s earnings, with the lowest sales estimate coming in at $673.89 million and the highest estimate coming in at $690.28 million. Equity Residential reported sales of $652.74 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.2%. The firm is scheduled to issue its next earnings results on Tuesday, February 4th.

On average, analysts expect that Equity Residential will report full-year sales of $2.69 billion for the current financial year, with estimates ranging from $2.68 billion to $2.71 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.77 billion, with estimates ranging from $2.75 billion to $2.81 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Equity Residential.

Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.17). The company had revenue of $685.15 million for the quarter, compared to the consensus estimate of $679.66 million. Equity Residential had a net margin of 29.88% and a return on equity of 7.73%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 EPS.

A number of research analysts recently issued reports on EQR shares. SunTrust Banks lifted their price target on shares of Equity Residential from $74.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. ValuEngine cut shares of Equity Residential from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price target on shares of Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Zacks Investment Research raised shares of Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, August 12th. Finally, Barclays reissued a “hold” rating and set a $87.00 price target on shares of Equity Residential in a research report on Sunday, October 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $79.43.

In other Equity Residential news, EVP Christa L. Sorenson sold 400 shares of Equity Residential stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $78.33, for a total value of $31,332.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander Brackenridge sold 11,612 shares of Equity Residential stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $79.89, for a total transaction of $927,682.68. The disclosure for this sale can be found here. Insiders sold 186,876 shares of company stock valued at $15,221,779 over the last ninety days. Corporate insiders own 3.75% of the company’s stock.

Institutional investors have recently modified their holdings of the business. NEXT Financial Group Inc purchased a new position in Equity Residential in the second quarter worth about $34,000. Advisory Services Network LLC raised its holdings in shares of Equity Residential by 14.9% during the second quarter. Advisory Services Network LLC now owns 3,517 shares of the real estate investment trust’s stock valued at $267,000 after purchasing an additional 457 shares during the last quarter. Cibc World Markets Corp raised its holdings in shares of Equity Residential by 31.4% during the second quarter. Cibc World Markets Corp now owns 64,380 shares of the real estate investment trust’s stock valued at $4,888,000 after purchasing an additional 15,393 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Equity Residential during the second quarter valued at approximately $90,000. Finally, Huntington National Bank raised its holdings in shares of Equity Residential by 4.6% during the second quarter. Huntington National Bank now owns 3,700 shares of the real estate investment trust’s stock valued at $282,000 after purchasing an additional 163 shares during the last quarter. 88.24% of the stock is owned by institutional investors and hedge funds.

NYSE EQR traded up $0.10 during trading hours on Thursday, reaching $87.68. 931,800 shares of the company’s stock traded hands, compared to its average volume of 1,521,208. Equity Residential has a 52-week low of $63.17 and a 52-week high of $89.12. The firm has a market cap of $32.48 billion, a PE ratio of 26.98, a PEG ratio of 4.22 and a beta of 0.47. The firm has a 50-day simple moving average of $86.58 and a 200 day simple moving average of $80.31. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.13 and a quick ratio of 1.45.

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.5675 dividend. The ex-dividend date was Friday, September 27th. This is a boost from Equity Residential’s previous quarterly dividend of $0.57. This represents a $2.27 annualized dividend and a yield of 2.59%. Equity Residential’s 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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Earnings History and Estimates for Equity Residential (NYSE:EQR)

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