Equity Residential (NYSE:EQR) declared a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.567 per share by the real estate investment trust on Friday, July 12th. This represents a $2.27 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, June 27th.
Equity Residential has decreased its dividend by an average of 0.5% annually over the last three years. Equity Residential has a payout ratio of 70.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Equity Residential to earn $3.54 per share next year, which means the company should continue to be able to cover its $2.27 annual dividend with an expected future payout ratio of 64.1%.
EQR stock traded up $0.46 during mid-day trading on Tuesday, reaching $78.73. 18,514 shares of the company’s stock were exchanged, compared to its average volume of 1,285,010. The firm has a market capitalization of $29.00 billion, a P/E ratio of 24.22, a price-to-earnings-growth ratio of 3.87 and a beta of 0.54. The firm has a 50 day moving average of $76.89. Equity Residential has a 12-month low of $62.40 and a 12-month high of $79.47. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.88.
EQR has been the topic of a number of analyst reports. Zacks Investment Research upgraded Equity Residential from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. Raymond James upgraded Equity Residential from an “underperform” rating to a “market perform” rating and set a $75.74 price objective on the stock in a research report on Thursday, April 11th. BMO Capital Markets reiterated a “hold” rating and set a $78.00 price objective on shares of Equity Residential in a research report on Monday, March 25th. Evercore ISI downgraded Equity Residential from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. Finally, Barclays raised their target price on Equity Residential from $73.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $72.52.
In other news, Director David J. Neithercut sold 36,353 shares of Equity Residential stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $76.33, for a total value of $2,774,824.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Fenster sold 2,477 shares of Equity Residential stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $79.36, for a total value of $196,574.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,173 shares of company stock valued at $14,222,839. 2.40% of the stock is owned by insiders.
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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