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

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EQR. Mizuho decreased their price objective on shares of Equity Residential from $62.00 to $61.00 and set a neutral rating for the company in a research note on Wednesday, February 28th. Morgan Stanley raised 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. Royal Bank of Canada raised their target price on shares of Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a research note on Thursday, February 1st. Piper Sandler reiterated a neutral rating and issued a $62.00 target price on shares of Equity Residential in a research note on Tuesday, March 26th. Finally, Raymond James upgraded shares of Equity Residential from an underperform rating to a market perform rating in a research note on Monday, March 18th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $65.75.

Equity Residential Price Performance

Shares of Equity Residential stock traded up $0.55 during trading on Tuesday, hitting $63.09. 2,479,300 shares of the company’s stock traded hands, compared to its average volume of 2,073,716. 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 firm’s fifty day moving average price is $61.58 and its 200 day moving average price is $59.71. Equity Residential has a twelve month low of $52.57 and a twelve month high of $69.45. The company has a market cap of $23.91 billion, a PE ratio of 28.43, a PEG ratio of 3.57 and a beta of 0.84.

Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The firm had revenue of $730.80 million during the quarter, compared to the consensus estimate of $728.09 million. During the same period last year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts forecast that Equity Residential will post 3.86 earnings per share for the current year.

Equity Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were paid a $0.675 dividend. The ex-dividend date was Friday, March 22nd. 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%. Equity Residential’s payout ratio is currently 122.73%.

Insider Buying and Selling

In related news, CFO Robert Garechana sold 876 shares of the business’s stock in a transaction that occurred 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 directly owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Michael L. Manelis sold 1,639 shares of the 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Garechana sold 876 shares of the 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 transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at approximately $1,209,927.40. The disclosure for this sale can be found here. Insiders sold a total of 3,280 shares of company stock valued at $192,335 over the last ninety days. 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.