Equity Residential (NYSE:EQR) Issues Quarterly Earnings Results

Equity Residential (NYSE:EQR) issued its quarterly earnings results on Monday. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.49), Zacks reports. Equity Residential had a net margin of 32.83% and a return on equity of 8.51%. The business had revenue of $734.20 million during the quarter, compared to analyst estimates of $735.26 million. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. Equity Residential updated its Q3 guidance to $0.96-1.00 EPS and its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Stock Performance

EQR stock traded up $0.05 during mid-day trading on Wednesday, hitting $69.62. The company had a trading volume of 4,233,388 shares, compared to its average volume of 1,957,753. The firm has a market cap of $26.42 billion, a PE ratio of 28.94, a price-to-earnings-growth ratio of 4.10 and a beta of 0.87. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.23 and a current ratio of 0.23. Equity Residential has a 12 month low of $52.57 and a 12 month high of $71.78. The stock’s fifty day moving average price is $67.54 and its two-hundred day moving average price is $64.06.

Equity Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were given a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend was Monday, July 1st. Equity Residential’s dividend payout ratio is 112.03%.

Insiders Place Their Bets

In other Equity Residential news, CFO Robert Garechana sold 6,357 shares of Equity Residential stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $69.08, for a total value of $439,141.56. Following the sale, the chief financial officer now owns 14,576 shares of the company’s stock, valued at $1,006,910.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on EQR. Scotiabank lifted their target price on shares of Equity Residential from $65.00 to $72.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 14th. UBS Group increased their price objective on shares of Equity Residential from $75.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Mizuho increased their price objective on shares of Equity Residential from $61.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Evercore ISI cut shares of Equity Residential from an “outperform” rating to an “in-line” rating and set a $70.00 price target for the company. in a research report on Monday, May 13th. Finally, Wedbush restated a “neutral” rating and issued a $68.00 price target on shares of Equity Residential in a research report on Monday, April 29th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Equity Residential currently has an average rating of “Hold” and an average target price of $70.41.

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.