Equity Residential (NYSE:EQR) Issues 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EQR. Piper Sandler reissued a neutral rating and set a $62.00 target price on shares of Equity Residential in a research report on Tuesday, March 26th. Mizuho cut their target price on Equity Residential from $62.00 to $61.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Evercore ISI raised their target price on Equity Residential from $67.00 to $70.00 and gave the stock an outperform rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on Equity Residential in a research note on Tuesday, January 30th. They set a hold rating and a $64.00 price target on the stock. Finally, Morgan Stanley raised their price target on Equity Residential from $58.00 to $64.00 and gave the stock an equal weight rating in a research note on Monday, February 26th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $66.04.

Equity Residential Stock Performance

Shares of NYSE:EQR traded up $0.60 during trading on Friday, hitting $65.48. 778,724 shares of the company traded hands, compared to its average volume of 2,085,802. The stock has a market capitalization of $24.81 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 3.76 and a beta of 0.84. The business’s fifty day moving average is $61.89 and its 200-day moving average is $59.81. Equity Residential has a one year low of $52.57 and a one year high of $69.45. The company has a quick ratio of 0.30, a current ratio of 0.23 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, beating the consensus estimate of $0.91 by $0.02. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The company had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. During the same period in the prior year, the company earned $0.87 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts predict that Equity Residential will post 3.85 earnings per share 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 given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date 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 112.03%.

Insider Activity

In related news, 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 completion of the sale, 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 filing with the SEC, which is available through this hyperlink. In other Equity Residential news, CFO Robert Garechana sold 876 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 20,933 shares in the company, valued at $1,209,927.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ian Kaufman sold 716 shares of Equity Residential 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 owns 23,949 shares of the company’s stock, valued at approximately $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 worth $192,335. Insiders own 1.00% of the company’s stock.

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.