Equity Residential (EQR) to Issue Quarterly Dividend of $0.50 on October 13th
Equity Residential (NYSE:EQR) announced a quarterly dividend on Friday, September 15th, RTT News reports. Shareholders of record on Monday, September 25th will be given a dividend of 0.5038 per share by the real estate investment trust on Friday, October 13th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Friday, September 22nd.
Equity Residential has raised its dividend payment by an average of 1.6% per year over the last three years. Equity Residential has a payout ratio of 65.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Equity Residential to earn $3.25 per share next year, which means the company should continue to be able to cover its $2.02 annual dividend with an expected future payout ratio of 62.2%.
Shares of Equity Residential (NYSE EQR) opened at 66.72 on Thursday. Equity Residential has a 1-year low of $58.28 and a 1-year high of $68.83. The company has a market capitalization of $24.51 billion, a P/E ratio of 29.85 and a beta of 0.36. The firm’s 50 day moving average price is $67.53 and its 200-day moving average price is $65.65.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The firm had revenue of $612.48 million during the quarter, compared to analysts’ expectations of $609.37 million. During the same period last year, the business posted $0.76 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts expect that Equity Residential will post $1.48 EPS for the current year.
Several analysts recently commented on the company. BidaskClub raised Equity Residential from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $65.00 target price on shares of Equity Residential in a report on Sunday, September 10th. Barclays PLC raised their target price on Equity Residential from $65.00 to $66.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 1st. TheStreet raised Equity Residential from a “c+” rating to a “b” rating in a report on Monday, July 31st. Finally, Bank of America Corporation raised Equity Residential from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. Equity Residential currently has a consensus rating of “Hold” and an average price target of $68.21.
In related news, CEO David J. Neithercut sold 75,000 shares of Equity Residential stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $68.10, for a total transaction of $5,107,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bruce C. Strohm sold 10,000 shares of Equity Residential stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $68.50, for a total value of $685,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,622 shares of company stock worth $11,816,599. 3.79% of the stock is currently owned by company insiders.
About Equity Residential
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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