Equity Residential (NYSE:EQR) Releases Q2 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.920-0.960 for the period, compared to the consensus estimate of 0.960. The company issued revenue guidance of -. Equity Residential also updated its FY 2024 guidance to 3.800-3.900 EPS.

Equity Residential Stock Performance

Shares of EQR traded up $0.55 on Tuesday, reaching $63.09. The company’s stock had a trading volume of 2,479,300 shares, compared to its average volume of 2,073,716. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30. Equity Residential has a 12-month low of $52.57 and a 12-month high of $69.45. The stock has a market capitalization of $23.91 billion, a P/E ratio of 28.43, a PEG ratio of 3.57 and a beta of 0.84. The stock’s 50 day simple moving average is $61.58 and its two-hundred day simple moving average is $59.71.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The business had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts forecast that Equity Residential will post 3.86 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 4.28%. The ex-dividend date was Friday, March 22nd. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s payout ratio is currently 122.73%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barclays dropped their price objective on shares of Equity Residential from $69.00 to $67.00 and set an equal weight rating for the company in a research note on Tuesday, February 20th. Truist Financial lowered their price objective on shares of Equity Residential from $71.00 to $67.00 and set a buy rating for the company in a research note on Tuesday, April 9th. The Goldman Sachs Group reaffirmed a buy rating and set a $70.00 price objective on shares of Equity Residential in a research report on Thursday, February 22nd. Mizuho reduced their price target on Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Equity Residential in a research note on Tuesday, January 30th. They issued a hold rating and a $64.00 price target for the company. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $65.75.

Insiders Place Their Bets

In related news, COO Michael L. Manelis sold 1,639 shares of the company’s 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 completion of the sale, the chief operating officer now owns 31,053 shares of the company’s stock, valued at $1,845,479.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Robert Garechana sold 876 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $50,632.80. Following the completion of the transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Michael L. Manelis sold 1,639 shares of the business’s stock in a transaction on 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 transaction, the chief operating officer now owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,280 shares of company stock valued at $192,335. Insiders own 1.00% of the company’s stock.

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.