Equity Residential (NYSE:EQR) Issues FY 2024 Earnings Guidance

Equity Residential (NYSE:EQR) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.800-3.900 for the period, compared to the consensus EPS 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 0.9 %

NYSE EQR traded up $0.55 on Tuesday, hitting $63.09. 2,479,300 shares of the stock were exchanged, compared to its average volume of 2,073,716. 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 stock has a fifty day moving average price of $61.58 and a two-hundred day moving average price of $59.71. The firm has a market capitalization of $23.91 billion, a P/E ratio of 28.43, a P/E/G ratio of 3.57 and a beta of 0.84. Equity Residential has a 52-week low of $52.57 and a 52-week high of $69.45.

Equity Residential (NYSE:EQR) last issued its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. The firm had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 earnings per share. Research analysts forecast that Equity Residential will post 3.86 EPS for the current fiscal year.

Equity Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were paid a dividend of $0.675 per share. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. 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. Equity Residential’s payout ratio is currently 122.73%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EQR. Morgan Stanley lifted their price objective on Equity Residential from $58.00 to $64.00 and gave the company an equal weight rating in a report on Monday, February 26th. Deutsche Bank Aktiengesellschaft began coverage on Equity Residential in a report on Tuesday, January 30th. They issued a hold rating and a $64.00 price objective for the company. BMO Capital Markets upgraded Equity Residential from a market perform rating to an outperform rating and lifted their price objective for the company from $68.00 to $70.00 in a report on Monday. The Goldman Sachs Group restated a buy rating and issued a $70.00 price objective on shares of Equity Residential in a report on Thursday, February 22nd. Finally, Raymond James upgraded shares of Equity Residential from an underperform rating to a market perform rating in a report on Monday, March 18th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $65.75.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, COO Michael L. Manelis sold 1,639 shares of the business’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 transaction, the chief operating officer now directly owns 31,053 shares in the company, valued at approximately $1,845,479.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Equity Residential 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 sale, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Michael L. Manelis sold 1,639 shares of the 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 sale, 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. Insiders have sold 3,280 shares of company stock worth $192,335 in the last ninety days. 1.00% of the stock is owned by 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.