Equity Residential (NYSE:EQR) Updates Q3 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its third quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.96-1.00 for the period, compared to the consensus EPS estimate of $0.98. Equity Residential also updated its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Trading Up 0.9 %

EQR traded up $0.65 during trading hours on Wednesday, reaching $70.22. 459,771 shares of the company’s stock traded hands, compared to its average volume of 1,931,907. The firm has a 50-day moving average price of $67.54 and a 200 day moving average price of $64.06. The firm has a market capitalization of $26.65 billion, a PE ratio of 28.94, a PEG ratio of 4.10 and a beta of 0.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.64. Equity Residential has a 52-week low of $52.57 and a 52-week high of $71.78.

Equity Residential (NYSE:EQR) last issued its earnings results on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49). The company had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. Equity Residential had a net margin of 32.83% and a return on equity of 8.51%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 earnings per share. As a group, sell-side analysts predict that Equity Residential will post 3.87 EPS for the current fiscal year.

Equity Residential Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Monday, July 1st. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EQR. Evercore ISI cut shares of Equity Residential from an outperform rating to an in-line rating and set a $70.00 price target for the company. in a research report on Monday, May 13th. UBS Group increased their price target on shares of Equity Residential from $75.00 to $82.00 and gave the company a buy rating in a research report on Thursday, July 18th. Royal Bank of Canada raised their price target on shares of Equity Residential from $74.00 to $75.00 and gave the company an outperform rating in a report on Wednesday. Scotiabank lifted their price objective on shares of Equity Residential from $65.00 to $72.00 and gave the stock a sector perform rating in a research report on Tuesday, May 14th. Finally, Truist Financial lifted their price objective on shares of Equity Residential from $67.00 to $73.00 and gave the stock a buy rating in a research report on Monday, June 24th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $70.41.

Insider Transactions at Equity Residential

In other Equity Residential 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 of the company’s stock, valued at $1,006,910.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.