Equity Residential (NYSE:EQR) Releases Q2 2024 Earnings Guidance

Equity Residential (NYSE:EQR) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.920-0.960 for the period, compared to the consensus 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 Stock Performance

Shares of Equity Residential stock traded up $1.90 on Wednesday, reaching $64.99. The stock had a trading volume of 1,957,546 shares, compared to its average volume of 2,070,968. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.30 and a current ratio of 0.30. The business’s 50-day moving average price is $61.68 and its two-hundred day moving average price is $59.74. The stock has a market cap of $24.63 billion, a P/E ratio of 29.59, a price-to-earnings-growth ratio of 3.63 and a beta of 0.84. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week 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 (EPS) for the quarter, beating 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 company had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. During the same period last year, the business posted $0.87 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Equity Residential will post 3.86 EPS for the current year.

Equity Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were given a dividend of $0.675 per share. The ex-dividend date of this dividend was Friday, March 22nd. This represents a $2.70 dividend on an annualized basis and a 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 122.73%.

Wall Street Analysts Forecast Growth

EQR has been the subject of a number of research analyst reports. Raymond James upgraded shares of Equity Residential from an underperform rating to a market perform rating in a research note on Monday, March 18th. Piper Sandler reissued a neutral rating and set a $62.00 price objective on shares of Equity Residential in a report on Tuesday, March 26th. Royal Bank of Canada upped their target price on Equity Residential from $65.00 to $66.00 and gave the company an outperform rating in a research note on Thursday, February 1st. Morgan Stanley lifted their price target on shares of Equity Residential from $58.00 to $64.00 and gave the stock an equal weight rating in a research note on Monday, February 26th. Finally, BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and increased their price objective for the company from $68.00 to $70.00 in a research note on Monday. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Equity Residential presently has an average rating of Hold and an average target price of $65.75.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $41,384.80. Following the transaction, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Ian Kaufman sold 716 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $97,405.77. Following the completion of the transaction, the chief operating officer now directly owns 31,053 shares in the company, valued at $1,845,479.79. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,280 shares of company stock worth $192,335. 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.