Equity Residential (EQR) Expected to Post Quarterly Sales of $667.54 Million

Analysts forecast that Equity Residential (NYSE:EQR) will announce $667.54 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Equity Residential’s earnings, with estimates ranging from $662.50 million to $670.63 million. Equity Residential posted sales of $639.81 million in the same quarter last year, which suggests a positive year over year growth rate of 4.3%. The business is expected to announce its next earnings report on Tuesday, July 23rd.

On average, analysts expect that Equity Residential will report full year sales of $2.67 billion for the current financial year, with estimates ranging from $2.65 billion to $2.69 billion. For the next year, analysts forecast that the firm will report sales of $2.74 billion, with estimates ranging from $2.72 billion to $2.77 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover Equity Residential.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.53). The business had revenue of $662.30 million during the quarter, compared to the consensus estimate of $655.00 million. Equity Residential had a return on equity of 5.31% and a net margin of 21.10%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 earnings per share.

Several research firms have commented on EQR. Zacks Investment Research raised shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. Argus boosted their target price on shares of Equity Residential to $84.00 and gave the stock a “buy” rating in a research report on Thursday. Raymond James raised shares of Equity Residential from an “underperform” rating to a “market perform” rating and set a $75.74 target price for the company in a research report on Thursday, April 11th. BMO Capital Markets reissued a “hold” rating and issued a $78.00 target price on shares of Equity Residential in a research report on Monday, March 25th. Finally, Barclays reissued a “hold” rating and issued a $65.00 target price on shares of Equity Residential in a research report on Wednesday, January 23rd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Equity Residential has a consensus rating of “Hold” and a consensus target price of $72.77.

In related news, CEO Mark J. Parrell sold 59,385 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $76.60, for a total transaction of $4,548,891.00. Following the completion of the sale, the chief executive officer now directly owns 79,782 shares of the company’s stock, valued at approximately $6,111,301.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alan W. George sold 23,993 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $74.76, for a total transaction of $1,793,716.68. Following the sale, the insider now directly owns 70,575 shares of the company’s stock, valued at $5,276,187. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 228,346 shares of company stock valued at $17,282,589. 3.75% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Equity Residential in the 4th quarter valued at $1,249,322,000. Oregon Public Employees Retirement Fund boosted its holdings in Equity Residential by 6,420.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,632,545 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 2,592,169 shares during the period. BlackRock Inc. boosted its holdings in Equity Residential by 5.8% in the 4th quarter. BlackRock Inc. now owns 41,246,537 shares of the real estate investment trust’s stock valued at $2,722,686,000 after purchasing an additional 2,256,566 shares during the period. FMR LLC boosted its holdings in Equity Residential by 15.8% in the 1st quarter. FMR LLC now owns 10,042,326 shares of the real estate investment trust’s stock valued at $756,387,000 after purchasing an additional 1,373,126 shares during the period. Finally, Barings LLC bought a new stake in Equity Residential in the 4th quarter valued at $74,003,000. 87.71% of the stock is owned by institutional investors and hedge funds.

EQR stock traded up $0.47 during trading hours on Friday, hitting $77.11. The company’s stock had a trading volume of 849,001 shares, compared to its average volume of 963,076. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $28.29 billion, a price-to-earnings ratio of 23.73, a P/E/G ratio of 3.80 and a beta of 0.58. Equity Residential has a 12 month low of $60.58 and a 12 month high of $77.69.

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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Earnings History and Estimates for Equity Residential (NYSE:EQR)

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