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 EPS guidance of 0.920-0.960 for the period, compared to the consensus EPS 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 Price Performance

Shares of NYSE EQR traded up $1.90 during mid-day trading on Wednesday, hitting $64.99. 1,957,546 shares of the stock traded hands, compared to its average volume of 2,070,968. The company has a market cap of $24.63 billion, a PE ratio of 29.59, a price-to-earnings-growth ratio of 3.63 and a beta of 0.84. The firm has a 50 day simple moving average of $61.68 and a two-hundred day simple moving average of $59.74. 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 has a twelve month low of $52.57 and a twelve month high of $69.45.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The firm had revenue of $730.80 million during the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. The business’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business posted $0.87 EPS. As a group, equities research analysts forecast that Equity Residential will post 3.86 EPS for the current fiscal 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 paid a $0.675 dividend. The ex-dividend date was Friday, March 22nd. This represents a $2.70 annualized dividend and a dividend yield of 4.15%. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s payout ratio is currently 122.73%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BMO Capital Markets raised shares of Equity Residential from a market perform rating to an outperform rating and increased their target price for the stock from $68.00 to $70.00 in a research note on Monday. Raymond James raised shares of Equity Residential from an underperform rating to a market perform rating in a research report on Monday, March 18th. Piper Sandler reiterated a neutral rating and issued a $62.00 target price on shares of Equity Residential in a report on Tuesday, March 26th. Morgan Stanley boosted their price target 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. Finally, Royal Bank of Canada boosted their price objective on Equity Residential from $65.00 to $66.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Equity Residential currently has a consensus rating of Hold and an average target price of $65.75.

Insider Buying and Selling at Equity Residential

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

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.