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

Equity Residential (NYSE:EQR) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.870-3.910 for the period, compared to the consensus EPS estimate of 3.900. The company issued revenue guidance of -. Equity Residential also updated its Q4 guidance to $0.98 to $1.02 EPS.

Equity Residential Stock Performance

Shares of NYSE:EQR traded down $1.25 during trading on Friday, reaching $69.12. The stock had a trading volume of 2,350,630 shares, compared to its average volume of 1,864,867. The stock has a fifty day simple moving average of $74.69 and a two-hundred day simple moving average of $70.02. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. Equity Residential has a 52 week low of $53.28 and a 52 week high of $78.83. The firm has a market capitalization of $26.21 billion, a price-to-earnings ratio of 28.33, a P/E/G ratio of 6.16 and a beta of 0.89.

Equity Residential Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, September 24th were issued a $0.675 dividend. The ex-dividend date was Tuesday, September 24th. This represents a $2.70 annualized dividend and a yield of 3.91%. Equity Residential’s dividend payout ratio (DPR) is presently 110.66%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on EQR shares. Wells Fargo & Company downgraded Equity Residential from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $69.00 to $77.00 in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft raised Equity Residential from a “hold” rating to a “buy” rating and raised their target price for the company from $62.00 to $83.00 in a report on Tuesday, September 10th. Evercore ISI lifted their price target on Equity Residential from $75.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Bank of America cut Equity Residential from a “buy” rating to a “neutral” rating and increased their price objective for the company from $78.00 to $82.00 in a research report on Tuesday, September 24th. Finally, The Goldman Sachs Group started coverage on shares of Equity Residential in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $81.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $76.19.

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.