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

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 3.800-3.900 for the period, compared to the consensus estimate of 3.860. The company issued revenue guidance of -. Equity Residential also updated its Q2 guidance to $0.92-0.96 EPS.

Equity Residential Price Performance

EQR traded up $1.90 on Wednesday, reaching $64.99. The company had a trading volume of 1,957,546 shares, compared to its average volume of 2,070,968. The company has a market capitalization of $24.63 billion, a P/E ratio of 29.59, a PEG ratio of 3.63 and a beta of 0.84. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.66. Equity Residential has a one year low of $52.57 and a one year high of $69.45. The company has a fifty day moving average of $61.68 and a 200-day moving average of $59.74.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.02. The firm had revenue of $730.80 million for 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 company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. As a group, equities research analysts anticipate that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were issued a dividend of $0.675 per share. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 annualized dividend and a yield of 4.15%. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is 122.73%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on EQR. Deutsche Bank Aktiengesellschaft assumed coverage on Equity Residential in a research note on Tuesday, January 30th. They issued a hold rating and a $64.00 price objective on the stock. Mizuho dropped their price target on shares of Equity Residential from $62.00 to $61.00 and set a neutral rating for the company in a research report on Wednesday, February 28th. Truist Financial reduced their target price on shares of Equity Residential from $71.00 to $67.00 and set a buy rating on the stock in a research note on Tuesday, April 9th. 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. Finally, BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and raised their price objective for the company from $68.00 to $70.00 in a research report on Monday. 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.com, the stock currently has a consensus rating of Hold and a consensus target price of $65.75.

Insiders Place Their Bets

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of Equity Residential stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the sale, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Equity Residential news, CFO Robert Garechana sold 876 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 $50,632.80. Following the completion of the sale, the chief financial officer now directly owns 20,933 shares in the company, valued at $1,209,927.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,280 shares of company stock valued at $192,335. Corporate 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.