Equity Residential (NYSE:EQR) Releases Quarterly Earnings Results, Misses Expectations By $0.49 EPS

Equity Residential (NYSE:EQR) posted its quarterly earnings results on Monday. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49), Zacks reports. Equity Residential had a net margin of 32.83% and a return on equity of 8.51%. The business had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $735.26 million. During the same quarter in the previous year, the business posted $0.94 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Equity Residential updated its Q3 guidance to $0.96-1.00 EPS and its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Trading Up 0.2 %

Shares of EQR stock traded up $0.17 on Wednesday, reaching $69.74. The company had a trading volume of 947,203 shares, compared to its average volume of 1,935,245. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.64. The stock has a market cap of $26.47 billion, a PE ratio of 28.94, a PEG ratio of 4.10 and a beta of 0.87. The company has a 50-day moving average of $67.54 and a 200-day moving average of $64.06. Equity Residential has a 12 month low of $52.57 and a 12 month high of $71.78.

Equity Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were paid a $0.675 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.87%. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Analysts Set New Price Targets

EQR has been the topic of several research reports. Evercore ISI cut shares of Equity Residential from an “outperform” rating to an “in-line” rating and set a $70.00 price target on the stock. in a research report on Monday, May 13th. Wells Fargo & Company boosted their price objective on Equity Residential from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Mizuho lifted their target price on Equity Residential from $61.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Truist Financial lifted their target price on Equity Residential from $67.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Morgan Stanley lifted their target price on Equity Residential from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 14th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Equity Residential presently has a consensus rating of “Hold” and a consensus target price of $70.41.

Insider Activity

In related news, CFO Robert Garechana sold 6,357 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $69.08, for a total value of $439,141.56. Following the completion of the transaction, the chief financial officer now directly owns 14,576 shares in the company, valued at approximately $1,006,910.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

About Equity Residential

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.