Equity Residential (NYSE:EQR) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Equity Residential (NYSE:EQR) posted its quarterly earnings results on Monday. The real estate investment trust reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01, Briefing.com reports. The company had revenue of $734.20 million for the quarter, compared to the consensus estimate of $735.26 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 EPS. Equity Residential updated its Q3 guidance to $0.96-1.00 EPS and its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Stock Up 0.7 %

EQR stock traded up $0.52 during midday trading on Monday, hitting $71.29. The company’s stock had a trading volume of 1,805,684 shares, compared to its average volume of 1,931,359. The company’s fifty day moving average price is $67.39 and its 200 day moving average price is $63.94. Equity Residential has a twelve month low of $52.57 and a twelve month high of $71.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market capitalization of $27.06 billion, a P/E ratio of 29.64, a PEG ratio of 4.07 and a beta of 0.87.

Equity Residential Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were given a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Monday, July 1st. Equity Residential’s dividend payout ratio (DPR) is currently 112.03%.

Insider Transactions at Equity Residential

In related news, CFO Robert Garechana sold 6,357 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $69.08, for a total transaction of $439,141.56. Following the sale, the chief financial officer now owns 14,576 shares in the company, valued at $1,006,910.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EQR. Piper Sandler raised Equity Residential from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $80.00 in a research note on Friday, June 28th. Wedbush reiterated a “neutral” rating and issued a $68.00 target price on shares of Equity Residential in a report on Monday, April 29th. JPMorgan Chase & Co. boosted their price target on shares of Equity Residential from $66.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, June 17th. UBS Group raised their price objective on Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, Truist Financial increased their price target on Equity Residential from $67.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $69.53.

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.