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

Equity Residential (NYSE:EQR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.870-3.910 for the period, compared to the consensus estimate of 3.900. The company issued revenue guidance of -. Equity Residential also updated its Q4 guidance to $0.98 to $1.02 EPS.

Equity Residential Trading Down 1.8 %

EQR traded down $1.25 on Friday, reaching $69.12. 2,350,630 shares of the company’s stock were exchanged, compared to its average volume of 1,864,867. The company’s 50 day moving average is $74.69 and its 200-day moving average is $70.02. The company has a market cap of $26.21 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 6.16 and a beta of 0.89. Equity Residential has a twelve month low of $53.28 and a twelve month high of $78.83. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.21 and a current ratio of 0.21.

Equity Residential Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date was Tuesday, September 24th. Equity Residential’s payout ratio is currently 110.66%.

Analyst Upgrades and Downgrades

EQR has been the topic of a number of recent research reports. BNP Paribas initiated coverage on Equity Residential in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $83.00 target price on the stock. Royal Bank of Canada dropped their price target on Equity Residential from $83.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday. Truist Financial raised their price objective on Equity Residential from $73.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Evercore ISI raised their price objective on Equity Residential from $75.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company lowered Equity Residential from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $69.00 to $77.00 in a report on Monday, August 26th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Equity Residential currently has a consensus rating of “Hold” and an average price target of $76.19.

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.