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

Equity Residential (NYSE:EQR) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.870-3.910 for the period, compared to the consensus EPS estimate of 3.900. The company issued revenue guidance of -. Equity Residential also updated its Q4 guidance to $0.98 to $1.02 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EQR. Evercore ISI lifted their price objective on shares of Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Bank of America cut shares of Equity Residential from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $78.00 to $82.00 in a report on Tuesday, September 24th. Wells Fargo & Company cut shares of Equity Residential from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $69.00 to $77.00 in a report on Monday, August 26th. The Goldman Sachs Group started coverage on shares of Equity Residential in a report on Wednesday, September 4th. They set a “neutral” rating and a $81.00 price target on the stock. Finally, BNP Paribas started coverage on shares of Equity Residential in a report on Wednesday, September 11th. They set an “outperform” rating and a $83.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.97.

Equity Residential Stock Performance

EQR traded down $0.29 during midday trading on Wednesday, reaching $73.95. The company had a trading volume of 1,656,157 shares, compared to its average volume of 1,851,744. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.21 and a current ratio of 0.21. The stock has a market cap of $28.07 billion, a PE ratio of 30.68, a P/E/G ratio of 6.17 and a beta of 0.89. Equity Residential has a 12-month low of $52.57 and a 12-month high of $78.83. The business has a 50-day moving average price of $74.79 and a two-hundred day moving average price of $69.93.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Monday, July 29th. 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). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The business had revenue of $734.20 million during the quarter, compared to the consensus estimate of $735.26 million. During the same period last year, the firm earned $0.94 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts expect that Equity Residential will post 3.89 earnings per share for the current fiscal year.

Equity Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Tuesday, September 24th. Equity Residential’s dividend payout ratio (DPR) is currently 112.03%.

Equity Residential Company Profile

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.