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

Equity Residential (NYSE:EQR) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.860-3.920 for the period, compared to the consensus estimate of 3.870. The company issued revenue guidance of -.

Analyst Ratings Changes

Several research analysts recently issued reports on EQR shares. Truist Financial increased their price target on shares of Equity Residential from $67.00 to $73.00 and gave the stock a buy rating in a research note on Monday, June 24th. Evercore ISI lowered shares of Equity Residential from an outperform rating to an in-line rating and set a $70.00 price target for the company. in a research note on Monday, May 13th. Morgan Stanley increased their price target on shares of Equity Residential from $68.00 to $70.00 and gave the stock an equal weight rating in a research note on Tuesday, May 14th. BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and increased their price target for the stock from $68.00 to $70.00 in a research note on Monday, April 22nd. Finally, Royal Bank of Canada increased their price target on shares of Equity Residential from $74.00 to $75.00 and gave the stock an outperform rating in a research note on Wednesday. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Equity Residential presently has an average rating of Hold and a consensus target price of $70.41.

Equity Residential Stock Performance

Shares of NYSE EQR traded down $0.45 during trading on Friday, reaching $70.22. 3,207,493 shares of the company traded hands, compared to its average volume of 1,889,997. The firm has a 50 day simple moving average of $67.81 and a 200-day simple moving average of $64.25. The company has a quick ratio of 0.23, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $26.65 billion, a PE ratio of 29.14, a P/E/G ratio of 4.06 and a beta of 0.87. Equity Residential has a 52-week low of $52.57 and a 52-week high of $72.32.

Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49). The company had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. Equities research analysts anticipate that Equity Residential will post 3.88 earnings per share for the current year.

Equity Residential Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Monday, July 1st. Equity Residential’s payout ratio is presently 112.03%.

Insider Activity

In other news, CFO Robert Garechana sold 6,357 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were 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 of the company’s stock, valued at approximately $1,006,910.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

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.