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

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on EQR. Wedbush boosted their target price on Equity Residential from $68.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Bank of America downgraded Equity Residential from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $78.00 to $82.00 in a report on Tuesday, September 24th. Wells Fargo & Company cut shares of Equity Residential from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $69.00 to $77.00 in a research report on Monday, August 26th. UBS Group boosted their price objective on shares of Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $62.00 to $83.00 in a research report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.19.

Equity Residential Stock Performance

NYSE EQR traded down $1.25 during trading hours on Friday, hitting $69.12. 2,350,630 shares of the company’s stock traded hands, compared to its average volume of 1,864,867. The firm has a market capitalization of $26.21 billion, a P/E ratio of 28.33, a P/E/G ratio of 6.16 and a beta of 0.89. Equity Residential has a 52 week low of $53.28 and a 52 week high of $78.83. The business’s fifty day moving average price is $74.69 and its two-hundred day moving average price is $70.02. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.64.

Equity Residential Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th were issued a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Tuesday, September 24th. Equity Residential’s dividend payout ratio (DPR) is presently 110.66%.

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.