Equity Residential (NYSE:EQR) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Equity Residential (NYSE:EQR) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02, RTT News reports. The business had revenue of $730.80 million during the quarter, compared to analysts’ expectations of $728.09 million. Equity Residential had a return on equity of 8.19% and a net margin of 31.70%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 EPS.

Equity Residential Price Performance

Shares of Equity Residential stock opened at $64.61 on Thursday. The business has a 50 day simple moving average of $61.80 and a two-hundred day simple moving average of $59.77. Equity Residential has a 12 month low of $52.57 and a 12 month high of $69.45. The stock has a market capitalization of $24.48 billion, a P/E ratio of 26.81, a PEG ratio of 3.66 and a beta of 0.84. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30.

Equity Residential Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were issued a dividend of $0.675 per share. The ex-dividend date of this dividend was Friday, March 22nd. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.18%. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s dividend payout ratio is presently 112.03%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler reissued a “neutral” rating and issued a $62.00 price objective on shares of Equity Residential in a report on Tuesday, March 26th. Raymond James raised Equity Residential from an “underperform” rating to a “market perform” rating in a report on Monday, March 18th. Mizuho decreased their price objective on Equity Residential from $62.00 to $61.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Equity Residential in a report on Tuesday, January 30th. They issued a “hold” rating and a $64.00 price target for the company. Finally, BMO Capital Markets raised Equity Residential from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $68.00 to $70.00 in a report on Monday. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.75.

Insider Buying and Selling at Equity Residential

In other news, CAO Ian Kaufman sold 716 shares of the company’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 value of $41,384.80. Following the completion of the sale, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Ian Kaufman sold 716 shares of the company’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 value of $41,384.80. Following the completion of the sale, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Garechana sold 876 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 value of $50,632.80. Following the completion of the sale, the chief financial officer now owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The disclosure for this sale can be found here. Insiders sold 3,280 shares of company stock valued at $192,335 over the last quarter. 1.00% of the stock is currently owned by 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.