Equity Residential (NYSE:EQR) Updates Q2 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.920-0.960 for the period, compared to the consensus earnings per share estimate of 0.960. The company issued revenue guidance of -. Equity Residential also updated its FY 2024 guidance to 3.800-3.900 EPS.

Equity Residential Stock Up 0.9 %

EQR stock traded up $0.55 on Tuesday, reaching $63.09. 2,479,300 shares of the company traded hands, compared to its average volume of 2,073,716. Equity Residential has a one year low of $52.57 and a one year high of $69.45. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $23.91 billion, a P/E ratio of 28.43, a price-to-earnings-growth ratio of 3.57 and a beta of 0.84. The firm has a fifty day simple moving average of $61.58 and a 200-day simple moving average of $59.71.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The business had revenue of $730.80 million during 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 company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. Research analysts anticipate that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were paid a $0.675 dividend. This is an increase from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio (DPR) is 122.73%.

Analyst Ratings Changes

EQR has been the topic of several analyst reports. Truist Financial lowered their target price on Equity Residential from $71.00 to $67.00 and set a buy rating on the stock in a research report on Tuesday, April 9th. Barclays lowered their target price on Equity Residential from $69.00 to $67.00 and set an equal weight rating on the stock in a research report on Tuesday, February 20th. Piper Sandler restated a neutral rating and issued a $62.00 price objective on shares of Equity Residential in a research report on Tuesday, March 26th. The Goldman Sachs Group reaffirmed a buy rating and issued a $70.00 target price on shares of Equity Residential in a report on Thursday, February 22nd. Finally, Royal Bank of Canada lifted their target price on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $65.75.

Insiders Place Their Bets

In other Equity Residential news, CFO Robert Garechana sold 876 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was 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 $1,209,927.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now directly owns 31,053 shares of the company’s stock, valued at $1,845,479.79. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Robert Garechana sold 876 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $50,632.80. Following the transaction, the chief financial officer now directly owns 20,933 shares in the company, valued at $1,209,927.40. The disclosure for this sale can be found here. Insiders sold a total of 3,280 shares of company stock worth $192,335 over the last 90 days. 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.