Equity Residential (NYSE:EQR) Forecasted to Earn Q2 2024 Earnings of $0.96 Per Share

Equity Residential (NYSE:EQR) – Analysts at Wedbush raised their Q2 2024 EPS estimates for shares of Equity Residential in a research note issued to investors on Monday, April 29th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will earn $0.96 per share for the quarter, up from their prior forecast of $0.95. Wedbush has a “Neutral” rating and a $68.00 price objective on the stock. The consensus estimate for Equity Residential’s current full-year earnings is $3.85 per share. Wedbush also issued estimates for Equity Residential’s Q3 2024 earnings at $1.01 EPS, Q4 2024 earnings at $1.04 EPS and FY2025 earnings at $4.06 EPS.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The company had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. During the same period in the previous year, the business earned $0.87 EPS. Equity Residential’s revenue for the quarter was up 3.6% compared to the same quarter last year.

EQR has been the topic of several other reports. Truist Financial dropped their price target 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. Evercore ISI raised their price target on Equity Residential from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Morgan Stanley boosted their target price on shares of Equity Residential from $58.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. BMO Capital Markets upgraded shares of Equity Residential from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $68.00 to $70.00 in a research report on Monday, April 22nd. Finally, Barclays decreased their target price on Equity Residential from $69.00 to $67.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $67.04.

Equity Residential Trading Up 0.2 %

NYSE EQR opened at $65.30 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.23 and a quick ratio of 0.30. Equity Residential has a 12 month low of $52.57 and a 12 month high of $69.45. The company’s fifty day moving average price is $62.10 and its two-hundred day moving average price is $59.87. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 3.78 and a beta of 0.84.

Equity Residential Increases Dividend

The company also recently disclosed 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 a positive change 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 4.13%. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio is currently 112.03%.

Insider Activity

In other news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the transaction, the chief operating officer now owns 31,053 shares in the company, valued at $1,845,479.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael L. Manelis sold 1,639 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.43, for a total transaction of $97,405.77. Following the sale, the chief operating officer now owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The disclosure for this sale can be found here. Insiders sold 3,280 shares of company stock worth $192,335 in the last quarter. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EQR. Cornercap Investment Counsel Inc. boosted its stake in Equity Residential by 2.6% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 7,291 shares of the real estate investment trust’s stock valued at $446,000 after purchasing an additional 185 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in Equity Residential by 1.5% during the fourth quarter. Chicago Partners Investment Group LLC now owns 13,864 shares of the real estate investment trust’s stock worth $815,000 after buying an additional 208 shares in the last quarter. Czech National Bank boosted its holdings in Equity Residential by 0.3% during the 1st quarter. Czech National Bank now owns 60,730 shares of the real estate investment trust’s stock worth $3,833,000 after acquiring an additional 210 shares during the last quarter. Covestor Ltd raised its holdings in shares of Equity Residential by 17.3% in the third quarter. Covestor Ltd now owns 1,626 shares of the real estate investment trust’s stock valued at $95,000 after purchasing an additional 240 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Equity Residential by 0.4% during the fourth quarter. US Bancorp DE now owns 67,535 shares of the real estate investment trust’s stock valued at $4,130,000 after purchasing an additional 251 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

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.