Equity Residential (NYSE:EQR) Issues Earnings Results

Equity Residential (NYSE:EQR) posted its quarterly earnings results on Monday. The real estate investment trust reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49), Zacks reports. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The company had revenue of $734.20 million during the quarter, compared to analyst estimates of $735.26 million. During the same period last year, the company posted $0.94 earnings per share. The company’s revenue was up 2.4% compared to the same quarter last year. Equity Residential updated its Q3 guidance to $0.96-1.00 EPS and its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Price Performance

Shares of EQR stock opened at $71.28 on Tuesday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.64. Equity Residential has a 12 month low of $52.57 and a 12 month high of $71.78. The firm has a market cap of $27.05 billion, a price-to-earnings ratio of 29.58, a PEG ratio of 4.07 and a beta of 0.87. The stock has a 50-day moving average price of $67.49 and a 200 day moving average price of $64.00.

Equity Residential Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Equity Residential from $66.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. UBS Group upped their target price on Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. BMO Capital Markets raised shares of Equity Residential from a “market perform” rating to an “outperform” rating and increased their price target for the company from $68.00 to $70.00 in a report on Monday, April 22nd. Wells Fargo & Company boosted their price objective on shares of Equity Residential from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Finally, Truist Financial upped their price objective on shares of Equity Residential from $67.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Equity Residential currently has an average rating of “Hold” and an average target price of $69.53.

Insider Activity 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 value of $439,141.56. Following the completion of 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 available at the SEC website. 1.00% of the stock is currently owned by company insiders.

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.