Equity Residential (NYSE:EQR) Updates Q2 Earnings Guidance

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

Equity Residential Stock Performance

Shares of EQR stock traded up $0.29 during midday trading on Thursday, hitting $64.90. 3,326,243 shares of the company were exchanged, 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 PEG ratio of 3.66 and a beta of 0.84. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.30 and a current ratio of 0.30. The firm’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.

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

Equity Residential Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were given a $0.675 dividend. The ex-dividend date was Friday, March 22nd. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 annualized dividend and a dividend yield of 4.16%. Equity Residential’s payout ratio is presently 112.03%.

Wall Street Analyst Weigh In

EQR has been the topic of several recent research reports. Raymond James raised Equity Residential from an underperform rating to a market perform rating in a report on Monday, March 18th. Piper Sandler reaffirmed a neutral rating and set a $62.00 target price on shares of Equity Residential in a research report on Tuesday, March 26th. Truist Financial lowered their target price on Equity Residential from $71.00 to $67.00 and set a buy rating for the company in a research report on Tuesday, April 9th. The Goldman Sachs Group reaffirmed a buy rating and set a $70.00 target price on shares of Equity Residential in a research report on Thursday, February 22nd. Finally, Mizuho lowered their target price on Equity Residential from $62.00 to $61.00 and set a neutral rating for the company in a research report on Wednesday, February 28th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $66.04.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of Equity Residential stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the sale, the chief accounting officer now directly owns 23,949 shares in the company, valued at approximately $1,384,252.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Michael L. Manelis sold 1,639 shares of the 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 directly owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ian Kaufman sold 716 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $41,384.80. Following the completion of the sale, the chief accounting officer now directly 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 quarter, insiders sold 3,280 shares of company stock valued at $192,335. Corporate 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.