Equity Residential (NYSE:EQR) Updates 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 equities analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a buy rating and set a $70.00 price target on shares of Equity Residential in a research report on Thursday, February 22nd. Barclays cut their price objective on shares of Equity Residential from $69.00 to $67.00 and set an equal weight rating on the stock in a research report on Tuesday, February 20th. Raymond James raised shares of Equity Residential from an underperform rating to a market perform rating in a research report on Monday, March 18th. Morgan Stanley boosted 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 report on Monday, February 26th. Finally, BMO Capital Markets upgraded shares of Equity Residential from a market perform rating to an outperform rating and lifted their price target for the company from $68.00 to $70.00 in a research note on Monday. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently 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 on Tuesday, reaching $63.09. 2,479,300 shares of the stock were exchanged, compared to its average volume of 2,073,716. The firm’s 50 day moving average is $61.58 and its 200-day moving average is $59.71. Equity Residential has a one year low of $52.57 and a one year high of $69.45. 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 firm has a market cap of $23.91 billion, a PE ratio of 28.43, a P/E/G ratio of 3.57 and a beta of 0.84.

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. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The company had revenue of $730.80 million during the quarter, compared to the consensus estimate of $728.09 million. During the same quarter in the prior year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, analysts anticipate that Equity Residential will post 3.86 EPS for the current fiscal year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend was Friday, March 22nd. This is an increase from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s dividend payout ratio is 122.73%.

Insider Transactions at Equity Residential

In related news, CAO Ian Kaufman sold 716 shares of the company’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 $41,384.80. Following the completion of the transaction, the chief accounting officer now directly owns 23,949 shares in the company, valued at approximately $1,384,252.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other 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 sale, the chief operating officer now directly owns 31,053 shares in the company, valued at $1,845,479.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ian Kaufman sold 716 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 $41,384.80. Following the sale, the chief accounting officer now owns 23,949 shares of the company’s stock, valued at $1,384,252.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,280 shares of company stock valued at $192,335. 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.