Equity Residential (NYSE:EQR) Releases Quarterly Earnings Results, Misses Estimates By $0.49 EPS

Equity Residential (NYSE:EQR) released its quarterly earnings results on Monday. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49), Zacks reports. Equity Residential had a net margin of 32.83% and a return on equity of 8.51%. The business had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $735.26 million. During the same quarter last year, the company earned $0.94 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equity Residential updated its Q3 guidance to $0.96-1.00 EPS and its FY24 guidance to $3.86-3.92 EPS.

Equity Residential Trading Up 0.2 %

Shares of EQR stock traded up $0.17 on Wednesday, reaching $69.74. The company had a trading volume of 947,203 shares, compared to its average volume of 1,935,245. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.64. The stock has a market cap of $26.47 billion, a PE ratio of 28.94, a PEG ratio of 4.10 and a beta of 0.87. The company has a 50-day moving average of $67.54 and a 200-day moving average of $64.06. Equity Residential has a 12 month low of $52.57 and a 12 month high of $71.78.

Equity Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were paid a $0.675 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.87%. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Insider Activity

In related news, CFO Robert Garechana sold 6,357 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $69.08, for a total transaction of $439,141.56. Following the completion of the sale, the chief financial officer now directly owns 14,576 shares of the company’s stock, valued at approximately $1,006,910.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on EQR shares. Wells Fargo & Company increased their price objective on shares of Equity Residential from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. Piper Sandler lifted their price objective on shares of Equity Residential from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday. Wedbush reaffirmed a “neutral” rating and set a $68.00 target price on shares of Equity Residential in a research note on Monday, April 29th. Morgan Stanley boosted their target price on Equity Residential from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Finally, BMO Capital Markets raised shares of Equity Residential from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $68.00 to $70.00 in a report on Monday, April 22nd. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $70.41.

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.