Equity Residential (NYSE:EQR) Releases FY 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 3.860-3.920 for the period, compared to the consensus estimate of 3.870. The company issued revenue guidance of -.

Equity Residential Stock Performance

Shares of EQR stock traded down $0.45 during trading on Friday, reaching $70.22. 3,207,493 shares of the company’s stock were exchanged, compared to its average volume of 1,889,997. The company has a quick ratio of 0.23, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $26.65 billion, a PE ratio of 29.14, a PEG ratio of 4.06 and a beta of 0.87. Equity Residential has a twelve month low of $52.57 and a twelve month high of $72.32. The firm’s fifty day moving average price is $67.81 and its 200-day moving average price is $64.25.

Equity Residential (NYSE:EQR) last issued its quarterly earnings data 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 net margin of 32.83% and a return on equity of 8.53%. The firm had revenue of $734.20 million during the quarter, compared to analyst estimates of $735.26 million. During the same period in the prior year, the company earned $0.94 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Equity Residential will post 3.88 EPS for the current year.

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 issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend was Monday, July 1st. Equity Residential’s dividend payout ratio is 112.03%.

Wall Street Analyst Weigh In

EQR has been the topic of several analyst reports. Royal Bank of Canada increased their target price on Equity Residential from $74.00 to $75.00 and gave the stock an outperform rating in a report on Wednesday. JPMorgan Chase & Co. increased their target price on Equity Residential from $66.00 to $68.00 and gave the stock a neutral rating in a report on Monday, June 17th. BMO Capital Markets raised Equity Residential from a market perform rating to an outperform rating and increased their target price for the stock from $68.00 to $70.00 in a report on Monday, April 22nd. Mizuho increased their target price on Equity Residential from $61.00 to $64.00 and gave the stock a neutral rating in a report on Thursday, May 30th. Finally, Evercore ISI lowered Equity Residential from an outperform rating to an in-line rating and set a $70.00 target price on the stock. in a report on Monday, May 13th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $70.41.

Insiders Place Their Bets

In related news, CFO Robert Garechana sold 6,357 shares of the 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 completion of the sale, the chief financial officer now directly owns 14,576 shares in the company, valued at $1,006,910.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.