Equity Residential (NYSE:EQR) Issues Quarterly Earnings Results

Equity Residential (NYSE:EQR) released its quarterly earnings data on Monday. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49), Zacks reports. Equity Residential had a return on equity of 8.51% and a net margin of 32.83%. The business had revenue of $734.20 million during the quarter, compared to the consensus estimate of $735.26 million. During the same quarter in the previous year, the business posted $0.94 earnings per share. Equity Residential’s quarterly 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 Stock Performance

Shares of Equity Residential stock traded up $0.06 on Wednesday, reaching $69.63. The stock had a trading volume of 4,213,385 shares, compared to its average volume of 1,957,616. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.23 and a current ratio of 0.23. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $71.78. The business’s 50-day moving average price is $67.54 and its two-hundred day moving average price is $64.06. The stock has a market cap of $26.43 billion, a P/E ratio of 28.94, a price-to-earnings-growth ratio of 4.10 and a beta of 0.87.

Equity Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, July 1st. Equity Residential’s payout ratio is presently 112.03%.

Wall Street Analyst Weigh In

EQR has been the subject of a number of research reports. Piper Sandler increased their target price on Equity Residential from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Wednesday. Wedbush restated a “neutral” rating and issued a $68.00 target price on shares of Equity Residential in a report on Monday, April 29th. Wells Fargo & Company increased their price target on shares of Equity Residential from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, May 31st. Royal Bank of Canada boosted their price objective on Equity Residential from $74.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Scotiabank lifted their target price on Equity Residential from $65.00 to $72.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 14th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $70.41.

Insider Transactions at Equity Residential

In other Equity Residential news, CFO Robert Garechana sold 6,357 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $69.08, for a total value of $439,141.56. Following the sale, the chief financial officer now directly owns 14,576 shares in the company, valued at $1,006,910.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.