Equity Residential (NYSE:EQR) Posts Earnings Results

Equity Residential (NYSE:EQR) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02, RTT News reports. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. The firm had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. During the same quarter in the previous year, the company posted $0.87 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Equity Residential updated its Q2 guidance to $0.92-0.96 EPS.

Equity Residential Stock Performance

Shares of EQR stock traded up $0.55 during trading on Tuesday, hitting $63.09. The company’s stock had a trading volume of 2,479,404 shares, compared to its average volume of 2,073,714. The business has a fifty day moving average of $61.58 and a 200-day moving average of $59.71. Equity Residential has a 52 week low of $52.57 and a 52 week high of $69.45. The company has a market cap 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 current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.66.

Equity Residential Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were issued a $0.675 dividend. 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 annualized dividend and a dividend yield of 4.28%. Equity Residential’s dividend payout ratio is currently 122.73%.

Analyst Ratings Changes

A number of equities research analysts have commented on EQR shares. BMO Capital Markets upgraded Equity Residential from a “market perform” rating to an “outperform” rating and upped their price target for the company from $68.00 to $70.00 in a research report on Monday. Truist Financial cut their target price on Equity Residential from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Tuesday, April 9th. Mizuho cut their target price on Equity Residential from $62.00 to $61.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Morgan Stanley upped their target price on Equity Residential from $58.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Finally, Barclays cut their target price on Equity Residential from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Equity Residential currently has a consensus rating of “Hold” and an average price target of $65.75.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CAO Ian Kaufman sold 716 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 $41,384.80. Following the completion of the transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Equity Residential news, CAO Ian Kaufman sold 716 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 $41,384.80. Following the completion of the transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert Garechana sold 876 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $50,632.80. Following the transaction, the chief financial officer now directly owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,280 shares of company stock valued at $192,335. Company 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.