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

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.800-3.900 for the period, compared to the consensus estimate of 3.860. The company issued revenue guidance of -. Equity Residential also updated its Q2 guidance to $0.92-0.96 EPS.

Analyst Ratings Changes

Several equities analysts recently commented on EQR shares. Raymond James raised Equity Residential from an underperform rating to a market perform rating in a report on Monday, March 18th. Piper Sandler reissued a neutral rating and issued a $62.00 target price on shares of Equity Residential in a report on Tuesday, March 26th. Barclays dropped their price objective on Equity Residential from $69.00 to $67.00 and set an equal weight rating on the stock in a report on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on Equity Residential in a report on Tuesday, January 30th. They set a hold rating and a $64.00 price objective on the stock. Finally, Royal Bank of Canada raised their price objective on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $65.75.

Equity Residential Stock Performance

Shares of EQR traded up $0.55 during mid-day trading on Tuesday, hitting $63.09. 2,479,300 shares of the company’s stock were exchanged, compared to its average volume of 2,073,716. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45. The firm has a market capitalization of $23.91 billion, a P/E ratio of 28.43, a P/E/G ratio of 3.57 and a beta of 0.84. The business’s 50 day moving average is $61.58 and its two-hundred day moving average is $59.71. 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 (NYSE:EQR) last posted its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The company had revenue of $730.80 million during the quarter, compared to the consensus estimate of $728.09 million. During the same period last year, the firm earned $0.87 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts expect that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.28%. This is an increase from Equity Residential’s previous quarterly dividend of $0.66. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is presently 122.73%.

Insiders Place Their Bets

In other Equity Residential news, CFO Robert Garechana sold 876 shares of Equity Residential stock in a transaction that occurred 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 completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Equity Residential news, CAO Ian Kaufman sold 716 shares of Equity Residential stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the transaction, the chief accounting officer now owns 23,949 shares in the company, valued at approximately $1,384,252.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert Garechana sold 876 shares of Equity Residential stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $50,632.80. Following the completion of the transaction, the chief financial officer now owns 20,933 shares in the company, valued at approximately $1,209,927.40. The disclosure for this sale can be found here. In the last three months, 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.