Equity Residential (NYSE:EQR) Releases Q2 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.92-0.96 for the period, compared to the consensus estimate of $0.96.

Analyst Ratings Changes

Several brokerages have commented on EQR. Raymond James raised Equity Residential from an underperform rating to a market perform rating in a research note on Monday, March 18th. Royal Bank of Canada upped their price objective on shares of Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Barclays cut their target price on shares of 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 reiterated a neutral rating and set a $62.00 price target on shares of Equity Residential in a report on Tuesday, March 26th. Finally, BMO Capital Markets raised 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 report on Monday. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $65.75.

Equity Residential Trading Up 0.9 %

Shares of EQR traded up $0.55 during trading hours on Tuesday, hitting $63.09. 2,479,300 shares of the stock were exchanged, compared to its average volume of 2,073,714. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45. The business has a 50-day moving average of $61.58 and a 200-day moving average of $59.71. The firm has a market capitalization 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 company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30.

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 for the quarter, topping the consensus estimate of $0.91 by $0.02. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. The firm had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. During the same period last year, the company posted $0.87 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. On average, research analysts expect that Equity Residential will post 3.86 EPS for the current year.

Equity Residential Increases Dividend

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

Insider Activity at Equity Residential

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 related news, COO Michael L. Manelis sold 1,639 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.43, for a total value of $97,405.77. Following the transaction, the chief operating officer now owns 31,053 shares of the company’s stock, valued at approximately $1,845,479.79. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert Garechana sold 876 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The disclosure for this sale can be found here. Insiders have sold 3,280 shares of company stock worth $192,335 in the last quarter. Company insiders own 1.00% of the company’s stock.

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.