Equity Residential (NYSE:EQR) Releases FY24 Earnings Guidance

Equity Residential (NYSE:EQR) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $3.86-3.92 for the period, compared to the consensus EPS estimate of $3.88. Equity Residential also updated its Q3 guidance to $0.96-1.00 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EQR. Piper Sandler lifted their target price on Equity Residential from $80.00 to $85.00 and gave the company an overweight rating in a research note on Wednesday. Wedbush restated a neutral rating and issued a $68.00 price target on shares of Equity Residential in a report on Monday, April 29th. JPMorgan Chase & Co. lifted their price objective on Equity Residential from $66.00 to $68.00 and gave the stock a neutral rating in a report on Monday, June 17th. UBS Group lifted their price target 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, Wells Fargo & Company increased their price objective on shares of Equity Residential from $66.00 to $69.00 and gave the company an overweight rating in a research note on Friday, May 31st. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $70.41.

Equity Residential Trading Up 0.9 %

Shares of EQR traded up $0.65 during trading hours on Wednesday, hitting $70.22. 459,771 shares of the stock traded hands, compared to its average volume of 1,931,907. The business has a fifty day moving average of $67.54 and a 200-day moving average of $64.06. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $26.65 billion, a PE ratio of 28.94, a price-to-earnings-growth ratio of 4.10 and a beta of 0.87. Equity Residential has a 1-year low of $52.57 and a 1-year high of $71.78.

Equity Residential (NYSE:EQR) last released its earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49). 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 for the quarter, compared to analyst estimates of $735.26 million. During the same period in the prior year, the firm posted $0.94 EPS. Equity Residential’s revenue was up 2.4% on a year-over-year basis. Analysts expect that Equity Residential will post 3.87 EPS for the current year.

Equity Residential Announces Dividend

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

Insider Activity

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