Equity Residential (NYSE:EQR) Issues Earnings Results

Equity Residential (NYSE:EQR) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02, RTT News reports. The company had revenue of $730.80 million during the quarter, compared to analysts’ expectations of $728.09 million. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.87 earnings per share.

Equity Residential Stock Up 0.9 %

Shares of NYSE:EQR opened at $63.09 on Wednesday. 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 1-year low of $52.57 and a 1-year high of $69.45. The firm has a fifty day moving average price of $61.68 and a 200 day moving average price of $59.74. The stock has a market cap of $23.91 billion, a P/E ratio of 28.68, a P/E/G ratio of 3.63 and a beta of 0.84.

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 given a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.28%. This is an increase from Equity Residential’s previous quarterly dividend of $0.66. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is 122.73%.

Insider Activity at Equity Residential

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the completion of the transaction, the chief accounting officer now directly owns 23,949 shares in the company, valued at approximately $1,384,252.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of Equity Residential stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares of the company’s stock, valued at $1,845,479.79. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ian Kaufman sold 716 shares of Equity Residential stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The disclosure for this sale can be found here. Insiders sold 3,280 shares of company stock worth $192,335 over the last 90 days. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

EQR has been the subject of a number of research reports. Truist Financial cut their target price 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Equity Residential in a research report on Tuesday, January 30th. They set a “hold” rating and a $64.00 price target on the stock. Barclays lowered their price target on shares of Equity Residential from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Mizuho lowered their price target on shares of 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, Piper Sandler restated a “neutral” rating and set a $62.00 price target on shares of Equity Residential in a research report on Tuesday, March 26th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $65.75.

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.