Equity Residential (NYSE:EQR) Issues Q2 2024 Earnings Guidance

Equity Residential (NYSE:EQR) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.920-0.960 for the period, compared to the consensus EPS estimate of 0.960. The company issued revenue guidance of -. Equity Residential also updated its FY 2024 guidance to 3.800-3.900 EPS.

Analyst Ratings Changes

Several brokerages recently commented on EQR. The Goldman Sachs Group reaffirmed a buy rating and issued a $70.00 target price on shares of Equity Residential in a research report on Thursday, February 22nd. Morgan Stanley raised their target price on Equity Residential from $58.00 to $64.00 and gave the stock an equal weight rating in a research report on Monday, February 26th. BMO Capital Markets raised Equity Residential from a market perform rating to an outperform rating and raised their target price for the stock from $68.00 to $70.00 in a research report on Monday. Royal Bank of Canada raised their target price on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Finally, Deutsche Bank Aktiengesellschaft started coverage on Equity Residential in a report on Tuesday, January 30th. They issued a hold rating and a $64.00 price target for the company. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $65.75.

Equity Residential Stock Up 0.9 %

NYSE EQR traded up $0.55 during trading on Tuesday, hitting $63.09. The stock had a trading volume of 2,479,300 shares, compared to its average volume of 2,073,716. Equity Residential has a 12 month low of $52.57 and a 12 month high of $69.45. The company has a market capitalization of $23.91 billion, a PE ratio of 28.43, a P/E/G ratio of 3.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.30 and a current ratio of 0.30. The company’s 50-day moving average price is $61.58 and its two-hundred day moving average price is $59.71.

Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. The company had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $728.09 million. During the same quarter in the prior year, the business posted $0.87 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Equity Residential will post 3.86 EPS for the current year.

Equity Residential Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were issued a dividend of $0.675 per share. The ex-dividend date of this dividend was Friday, March 22nd. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.28%. Equity Residential’s payout ratio is presently 122.73%.

Insider Buying and Selling

In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.43, for a total value of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Robert Garechana sold 876 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $50,632.80. Following the sale, the chief financial officer now directly owns 20,933 shares of the company’s stock, valued at approximately $1,209,927.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Michael L. Manelis sold 1,639 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.43, for a total value of $97,405.77. Following the sale, the chief operating officer now directly owns 31,053 shares in the company, valued at $1,845,479.79. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,280 shares of company stock valued at $192,335. 1.00% of the stock is owned by 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.