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

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 3.800-3.900 for the period, compared to the consensus EPS estimate of 3.860. The company issued revenue guidance of -. Equity Residential also updated its Q2 guidance to $0.92-0.96 EPS.

Equity Residential Trading Up 0.9 %

Shares of Equity Residential stock traded up $0.60 during trading hours 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 firm has a 50 day simple moving average of $61.89 and a two-hundred day simple moving average of $59.81. The firm has a market capitalization of $24.81 billion, a price-to-earnings ratio of 26.93, a P/E/G 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 has a 1 year low of $52.57 and a 1 year high of $69.45.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The company had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business posted $0.87 EPS. As a group, equities research analysts anticipate that Equity Residential will post 3.85 earnings per share for the current year.

Equity Residential Increases Dividend

The business also recently announced 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 dividend yield of 4.12%. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Barclays dropped their price objective on Equity Residential from $69.00 to $67.00 and set an equal weight rating on the stock in a report on Tuesday, February 20th. Truist Financial decreased 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. Evercore ISI lifted their target price on Equity Residential from $67.00 to $70.00 and gave the stock an outperform rating in a research report on Thursday. BMO Capital Markets upgraded Equity Residential from a market perform rating to an outperform rating and lifted their target price for the stock from $68.00 to $70.00 in a research report on Monday. Finally, Royal Bank of Canada lifted their target price on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $66.04.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.43, for a total transaction of $97,405.77. Following the completion of the sale, the chief operating officer now owns 31,053 shares in the company, valued at approximately $1,845,479.79. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $41,384.80. Following the sale, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. 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 currently owned by corporate 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.