Equity Residential (NYSE:EQR) Releases FY24 Earnings Guidance

Equity Residential (NYSE:EQR) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $3.86-3.92 for the period, compared to the consensus earnings per share estimate of $3.88. Equity Residential also updated its Q3 guidance to $0.96-1.00 EPS.

Equity Residential Trading Up 0.7 %

EQR stock traded up $0.52 during mid-day trading on Monday, reaching $71.29. The company had a trading volume of 1,805,684 shares, compared to its average volume of 1,931,359. The firm has a 50 day moving average of $67.39 and a 200 day moving average of $63.94. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.23 and a quick ratio of 0.23. Equity Residential has a 12 month low of $52.57 and a 12 month high of $71.78. The company has a market capitalization of $27.06 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 4.07 and a beta of 0.87.

Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. Equity Residential’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, equities analysts predict that Equity Residential will post 3.87 earnings per share for the current fiscal year.

Equity Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were issued a $0.675 dividend. The ex-dividend date was Monday, July 1st. This represents a $2.70 annualized dividend and a dividend yield of 3.79%. Equity Residential’s payout ratio is currently 112.03%.

Analysts Set New Price Targets

A number of research firms have commented on EQR. Truist Financial raised their target price on shares of Equity Residential from $67.00 to $73.00 and gave the company a buy rating in a research report on Monday, June 24th. Piper Sandler raised shares of Equity Residential from a neutral rating to an overweight rating and lifted their price objective for the company from $70.00 to $80.00 in a report on Friday, June 28th. Wells Fargo & Company upped their target price on Equity Residential from $66.00 to $69.00 and gave the stock an overweight rating in a report on Friday, May 31st. JPMorgan Chase & Co. lifted their price target on Equity Residential from $66.00 to $68.00 and gave the company a neutral rating in a report on Monday, June 17th. Finally, Wedbush restated a neutral rating and set a $68.00 price objective on shares of Equity Residential in a research note on Monday, April 29th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $69.53.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CFO Robert Garechana sold 6,357 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $69.08, for a total value of $439,141.56. Following the sale, the chief financial officer now directly owns 14,576 shares of the company’s stock, valued at $1,006,910.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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.