Equity Residential (NYSE:EQR) Updates Q3 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its third quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.96-1.00 for the period, compared to the consensus EPS estimate of $0.98. Equity Residential also updated its FY24 guidance to $3.86-3.92 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Evercore ISI cut 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. Piper Sandler raised Equity Residential from a neutral rating to an overweight rating and lifted their target price for the company from $70.00 to $80.00 in a research report on Friday, June 28th. BMO Capital Markets raised shares of Equity Residential from a market perform rating to an outperform rating and raised their price objective for the company from $68.00 to $70.00 in a research note on Monday, April 22nd. Mizuho upped their target price on shares of Equity Residential from $61.00 to $64.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Finally, Wells Fargo & Company increased their target price on shares of Equity Residential from $66.00 to $69.00 and gave the stock an overweight rating in a report on Friday, May 31st. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $69.53.

Equity Residential Price Performance

NYSE:EQR traded down $1.11 during trading hours on Tuesday, hitting $70.18. The company’s stock had a trading volume of 600,310 shares, compared to its average volume of 1,922,206. The company has a market capitalization of $26.64 billion, a PE ratio of 29.58, a PEG ratio of 4.07 and a beta of 0.87. Equity Residential has a 52-week low of $52.57 and a 52-week high of $71.78. The business’s 50-day moving average is $67.49 and its two-hundred day moving average is $64.00. 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 (NYSE:EQR) last posted its earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49). Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The firm had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts anticipate that Equity Residential will post 3.87 EPS for the current fiscal year.

Equity Residential Announces Dividend

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

Insider Activity

In other news, CFO Robert Garechana sold 6,357 shares of Equity Residential stock in a transaction on Monday, June 24th. The stock was sold at an average price of $69.08, for a total value of $439,141.56. Following the completion of 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 document filed with the SEC, which is available through the SEC website. Company insiders own 1.00% of the company’s stock.

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.