Equity Residential (NYSE:EQR) Raises Dividend to $0.57 Per Share

Equity Residential (NYSE:EQR) declared a quarterly dividend on Thursday, September 19th, RTT News reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.5675 per share by the real estate investment trust on Friday, October 11th. This represents a $2.27 annualized dividend and a dividend yield of 2.65%. This is an increase from Equity Residential’s previous quarterly dividend of $0.57.

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% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Equity Residential to earn $3.59 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 63.2%.

Shares of NYSE:EQR traded up $0.24 during trading on Thursday, hitting $85.51. 1,220,375 shares of the stock traded hands, compared to its average volume of 1,365,061. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.88. The company has a market cap of $31.54 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 4.12 and a beta of 0.49. The company has a fifty day moving average price of $82.86 and a two-hundred day moving average price of $77.99. Equity Residential has a 52-week low of $62.40 and a 52-week high of $87.09.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.02). The firm 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%. Equity Residential’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. On average, equities research analysts predict that Equity Residential will post 3.45 EPS for the current fiscal year.

In related news, EVP Alan W. George sold 33,302 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $80.64, for a total value of $2,685,473.28. Following the completion of the sale, the executive vice president now owns 41,280 shares of the company’s stock, valued at approximately $3,328,819.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christa L. Sorenson sold 400 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $78.33, for a total transaction of $31,332.00. The disclosure for this sale can be found here. In the last three months, insiders sold 186,876 shares of company stock valued at $15,221,779. 3.75% of the stock is owned by insiders.

Several research firms have recently weighed in on EQR. Morgan Stanley lifted their target price on shares of Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. Zacks Investment Research raised shares of Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a report on Monday, August 12th. Argus lifted their target price on shares of Equity Residential to $84.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, SunTrust Banks lifted their target price on shares of Equity Residential from $74.00 to $80.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Equity Residential currently has an average rating of “Hold” and a consensus price target of $77.97.

About Equity Residential

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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Dividend History for Equity Residential (NYSE:EQR)

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