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 earnings per share guidance of 0.920-0.960 for the period, compared to the consensus earnings per share 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 Upgrades and Downgrades

Several analysts have issued reports on EQR shares. 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. Piper Sandler reiterated a neutral rating and issued a $62.00 target price on shares of Equity Residential in a research note on Tuesday, March 26th. Mizuho cut their target price on Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a research note on Wednesday, February 28th. Royal Bank of Canada raised their price target on Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a report on Thursday, February 1st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Equity Residential in a report on Tuesday, January 30th. They set a hold rating and a $64.00 target price on the stock. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Equity Residential currently has a consensus rating of Hold and a consensus price target of $66.04.

Equity Residential Trading Up 0.4 %

NYSE:EQR traded up $0.29 during mid-day trading on Thursday, hitting $64.90. The company had a trading volume of 3,326,243 shares, compared to its average volume of 2,103,258. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45. The business’s fifty day moving average is $61.89 and its two-hundred day moving average is $59.81. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $24.59 billion, a P/E ratio of 26.93, a P/E/G ratio of 3.66 and a beta of 0.84.

Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. Equity Residential had a return on equity of 8.19% and a net margin of 31.70%. The firm had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. During the same quarter in the prior year, the firm posted $0.87 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, research analysts expect that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The firm 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. The ex-dividend date was Friday, March 22nd. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.16%. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s dividend payout ratio (DPR) is currently 112.03%.

Insider Transactions at Equity Residential

In other news, CFO Robert Garechana sold 876 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at approximately $1,209,927.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Robert Garechana sold 876 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at approximately $1,209,927.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,280 shares of company stock valued at $192,335 over the last 90 days. 1.00% of the stock is owned by company 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.