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 guidance of 3.800-3.900 for the period, compared to the consensus earnings per share estimate of 3.860. The company issued revenue guidance of -. Equity Residential also updated its Q2 guidance to $0.92-0.96 EPS.

Equity Residential Trading Up 0.4 %

NYSE EQR traded up $0.29 during trading hours on Thursday, reaching $64.90. The company had a trading volume of 3,326,243 shares, compared to its average volume of 2,103,258. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $24.59 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 3.66 and a beta of 0.84. The stock has a 50-day moving average of $61.89 and a 200 day moving average of $59.81. Equity Residential has a 1-year low of $52.57 and a 1-year high of $69.45.

Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. The firm had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. Equity Residential had a net margin of 31.70% and a return on equity of 8.19%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 EPS. As a group, research analysts anticipate that Equity Residential will post 3.86 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were paid a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 4.16%. This is a boost from Equity Residential’s previous quarterly dividend of $0.66. The ex-dividend date was Friday, March 22nd. Equity Residential’s dividend payout ratio is 112.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Equity Residential in a report on Tuesday, January 30th. They issued a hold rating and a $64.00 price objective on the stock. Mizuho cut their price target on shares of Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a research note on Wednesday, February 28th. Morgan Stanley raised their price objective 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 raised shares of Equity Residential from a market perform rating to an outperform rating and upped their target price for the stock from $68.00 to $70.00 in a research note on Monday. Finally, Barclays reduced 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 report on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Equity Residential currently has a consensus rating of Hold and a consensus target price of $66.04.

Insider Activity at Equity Residential

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 value of $97,405.77. Following 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 Securities & Exchange Commission, which is available at this link. In related news, COO Michael L. Manelis sold 1,639 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.43, for a total value of $97,405.77. Following the completion of the sale, the chief operating officer now directly 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 can be accessed through the SEC website. Also, CFO Robert Garechana sold 876 shares of the firm’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 value of $50,632.80. Following the transaction, the chief financial officer now owns 20,933 shares in the company, valued at approximately $1,209,927.40. The disclosure for this sale can be found here. Insiders sold 3,280 shares of company stock valued at $192,335 over the last three months. 1.00% of the stock is owned by corporate insiders.

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.