Equity Residential (NYSE:EQR) to Post FY2021 Earnings of $3.82 Per Share, Jefferies Financial Group Forecasts
Equity Residential (NYSE:EQR) – Equities research analysts at Jefferies Financial Group upped their FY2021 earnings estimates for shares of Equity Residential in a research note issued on Thursday, August 8th. Jefferies Financial Group analyst J. Petersen now expects that the real estate investment trust will earn $3.82 per share for the year, up from their prior estimate of $3.79.
Several other analysts have also recently issued reports on EQR. Zacks Investment Research upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research report on Monday. Morgan Stanley increased their price objective on shares of Equity Residential from $70.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 27th. Finally, Argus increased their price objective on shares of Equity Residential to $84.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $74.40.
Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.02). The business had revenue of $669.37 million for the quarter, compared to analysts’ expectations of $667.59 million. Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share.
In related news, insider Alan W. George sold 30,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $77.24, for a total value of $2,317,200.00. Following the sale, the insider now directly owns 86,582 shares of the company’s stock, valued at approximately $6,687,593.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark J. Parrell sold 59,385 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $76.60, for a total transaction of $4,548,891.00. Following the completion of the sale, the chief executive officer now directly owns 79,782 shares in the company, valued at $6,111,301.20. The disclosure for this sale can be found here. Insiders sold a total of 224,906 shares of company stock worth $17,697,674 over the last three months. 2.40% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI increased its position in shares of Equity Residential by 3.3% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 4,156 shares of the real estate investment trust’s stock worth $316,000 after acquiring an additional 134 shares during the period. 6 Meridian increased its position in shares of Equity Residential by 2.0% during the second quarter. 6 Meridian now owns 6,972 shares of the real estate investment trust’s stock worth $529,000 after acquiring an additional 138 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Equity Residential by 3.6% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,000 shares of the real estate investment trust’s stock worth $301,000 after acquiring an additional 140 shares during the period. First Manhattan Co. increased its position in shares of Equity Residential by 7.1% during the first quarter. First Manhattan Co. now owns 2,168 shares of the real estate investment trust’s stock worth $163,000 after acquiring an additional 144 shares during the period. Finally, Greenleaf Trust increased its position in shares of Equity Residential by 5.2% during the second quarter. Greenleaf Trust now owns 3,244 shares of the real estate investment trust’s stock worth $246,000 after acquiring an additional 161 shares during the period. 87.98% of the stock is currently owned by institutional investors and hedge funds.
Equity Residential Company Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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