Equity Residential (NYSE:EQR) Updates FY24 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its FY24 earnings guidance on Monday morning. 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.

Analyst Upgrades and Downgrades

EQR has been the subject of several research reports. Piper Sandler raised shares of Equity Residential from a neutral rating to an overweight rating and boosted their price objective for the company from $70.00 to $80.00 in a research note on Friday, June 28th. Evercore ISI downgraded Equity Residential from an outperform rating to an in-line rating and set a $70.00 price target for the company. in a research report on Monday, May 13th. Mizuho upped their price target on Equity Residential from $61.00 to $64.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. lifted their price objective on Equity Residential from $66.00 to $68.00 and gave the company a neutral rating in a research note on Monday, June 17th. Finally, Wedbush reiterated a neutral rating and set a $68.00 target price on shares of Equity Residential in a report on Monday, April 29th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $69.53.

Equity Residential Stock Up 0.7 %

Shares of EQR stock traded up $0.52 on Monday, hitting $71.29. The stock had a trading volume of 1,805,684 shares, compared to its average volume of 1,931,359. The stock’s 50 day moving average is $67.39 and its 200-day moving average is $63.94. The firm has a market capitalization of $27.06 billion, a price-to-earnings ratio of 29.64, a P/E/G ratio of 4.07 and a beta of 0.87. Equity Residential has a 52-week low of $52.57 and a 52-week high of $71.78. 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 (NYSE:EQR) last posted its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The company had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $735.26 million. During the same period in the prior year, the company posted $0.94 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, research analysts expect that Equity Residential will post 3.87 earnings per share for the current year.

Equity Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were issued a dividend of $0.675 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.70 annualized dividend and a yield of 3.79%. Equity Residential’s dividend payout ratio is presently 112.03%.

Insider Buying and Selling at Equity Residential

In other news, CFO Robert Garechana sold 6,357 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the completion of the sale, the chief financial officer now owns 14,576 shares of the company’s stock, valued at $1,006,910.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by corporate insiders.

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.