Equity Residential (NYSE:EQR) Releases 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.

Equity Residential Stock Up 0.9 %

Shares of EQR traded up $0.55 during mid-day trading on Tuesday, reaching $63.09. The company’s stock had a trading volume of 2,479,300 shares, compared to its average volume of 2,073,716. The business has a fifty day moving average of $61.58 and a 200 day moving average of $59.71. The company has a market cap of $23.91 billion, a price-to-earnings ratio of 28.43, a price-to-earnings-growth ratio of 3.57 and a beta of 0.84. Equity Residential has a 1 year low of $52.57 and a 1 year high of $69.45. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.66.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. The firm had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, analysts forecast that Equity Residential will post 3.86 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EQR. Royal Bank of Canada raised their price target on shares of Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a report on Thursday, February 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Equity Residential in a research report on Tuesday, January 30th. They set a hold rating and a $64.00 price target on the stock. The Goldman Sachs Group reaffirmed a buy rating and issued a $70.00 price objective on shares of Equity Residential in a research report on Thursday, February 22nd. Mizuho cut their price objective on shares of Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Finally, Piper Sandler reaffirmed a neutral rating and issued a $62.00 price objective on shares of Equity Residential in a research report on Tuesday, March 26th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $65.75.

Insider Transactions at Equity Residential

In related news, CAO Ian Kaufman sold 716 shares of the 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 $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the company’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 value of $97,405.77. Following the completion of the transaction, the chief operating officer now directly owns 31,053 shares in the company, valued at approximately $1,845,479.79. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were 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 owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,280 shares of company stock valued at $192,335. Company insiders own 1.00% of the company’s stock.

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.