Equity Residential (NYSE:EQR) Issues FY 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 3.860-3.920 for the period, compared to the consensus EPS estimate of 3.870. The company issued revenue guidance of -.

Equity Residential Trading Down 0.6 %

NYSE EQR traded down $0.45 on Friday, hitting $70.22. 3,207,493 shares of the stock were exchanged, compared to its average volume of 1,889,997. Equity Residential has a 52-week low of $52.57 and a 52-week high of $72.32. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.21 and a quick ratio of 0.23. The company has a market capitalization of $26.65 billion, a price-to-earnings ratio of 29.14, a P/E/G ratio of 4.06 and a beta of 0.87. The company’s 50-day moving average price is $67.81 and its two-hundred day moving average price is $64.25.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The company had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. Research analysts predict that Equity Residential will post 3.88 EPS for the current year.

Equity Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Monday, July 1st. Equity Residential’s dividend payout ratio is presently 112.03%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. 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 report on Monday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of Equity Residential from $66.00 to $68.00 and gave the company a neutral rating in a research report on Monday, June 17th. Piper Sandler upped their price objective on shares of Equity Residential from $80.00 to $85.00 and gave the company an overweight rating in a research report on Wednesday. Wedbush reaffirmed a neutral rating and set a $68.00 price objective on shares of Equity Residential in a research report on Monday, April 29th. Finally, UBS Group upped their price objective on shares of Equity Residential from $75.00 to $82.00 and gave the company a buy rating in a research report on Thursday, July 18th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $70.41.

Insiders Place Their Bets

In related news, CFO Robert Garechana sold 6,357 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the sale, the chief financial officer now directly owns 14,576 shares in the company, valued at $1,006,910.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

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.