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 research analysts have weighed in on the company. Royal Bank of Canada lifted their target price on Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a research note on Thursday, February 1st. 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 price target on shares of Equity Residential in a report on Tuesday, March 26th. Mizuho reduced their price target on Equity Residential from $62.00 to $61.00 and set a neutral rating for the company in a report on Wednesday, February 28th. Finally, Evercore ISI raised their price target on Equity Residential from $67.00 to $70.00 and gave the company an outperform rating in a report on Thursday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Equity Residential presently has a consensus rating of Hold and a consensus target price of $66.04.

Equity Residential Price Performance

EQR traded up $0.60 during midday trading on Friday, reaching $65.48. 778,724 shares of the company’s stock were exchanged, compared to its average volume of 2,085,802. Equity Residential has a one year low of $52.57 and a one year high of $69.45. The business has a 50-day simple moving average of $61.89 and a two-hundred day simple moving average of $59.81. The company has a quick ratio of 0.30, a current ratio of 0.23 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $24.81 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 3.76 and a beta of 0.84.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The business had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. During the same quarter last year, the business posted $0.87 earnings per share. Equity Residential’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts predict that Equity Residential will post 3.85 EPS for the current year.

Equity Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were given a $0.675 dividend. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 annualized dividend and a yield of 4.12%. The ex-dividend date was Friday, March 22nd. Equity Residential’s payout ratio is currently 112.03%.

Insider Activity at Equity Residential

In other news, COO Michael L. Manelis sold 1,639 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares in the company, valued at approximately $1,845,479.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Michael L. Manelis sold 1,639 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares of the company’s stock, valued at $1,845,479.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Garechana sold 876 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 20,933 shares in the company, valued at $1,209,927.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,280 shares of company stock valued at $192,335. 1.00% of the stock is owned by corporate 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.