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

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.800-3.900 for the period, compared to the consensus earnings per share estimate of 3.860. The company issued revenue guidance of -. Equity Residential also updated its Q2 guidance to $0.92-0.96 EPS.

Equity Residential Stock Performance

Shares of EQR traded up $1.90 during mid-day trading on Wednesday, reaching $64.99. The company had a trading volume of 1,957,546 shares, compared to its average volume of 2,070,968. The stock has a market capitalization of $24.63 billion, a P/E ratio of 29.59, a PEG ratio of 3.63 and a beta of 0.84. Equity Residential has a 52-week low of $52.57 and a 52-week high of $69.45. The stock has a 50 day moving average of $61.68 and a two-hundred day moving average of $59.74. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.66.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, analysts expect that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were issued a $0.675 dividend. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Friday, March 22nd. This represents a $2.70 dividend on an annualized basis and a yield of 4.15%. Equity Residential’s payout ratio is presently 122.73%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and lifted their target price for the company from $68.00 to $70.00 in a research report on Monday. The Goldman Sachs Group reiterated a buy rating and issued a $70.00 price objective on shares of Equity Residential in a report on Thursday, February 22nd. Royal Bank of Canada upped their price objective on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Deutsche Bank Aktiengesellschaft began coverage on Equity Residential in a report on Tuesday, January 30th. They issued a hold rating and a $64.00 target price for the company. Finally, Mizuho cut their price target on Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a report on Wednesday, February 28th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $65.75.

Insider Transactions at Equity Residential

In related news, CAO Ian Kaufman sold 716 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Robert Garechana sold 876 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $50,632.80. Following the completion of the sale, the chief financial officer now owns 20,933 shares in the company, valued at approximately $1,209,927.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ian Kaufman sold 716 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares in the company, valued at approximately $1,384,252.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,280 shares of company stock worth $192,335. 1.00% of the stock is currently owned by insiders.

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.