Equity Residential (NYSE:EQR – Get Rating) declared a quarterly dividend on Thursday, June 16th, RTT News reports. Stockholders of record on Monday, June 27th will be given a dividend of 0.625 per share by the real estate investment trust on Friday, July 8th. This represents a $2.50 annualized dividend and a dividend yield of 3.64%.
Equity Residential has raised its dividend payment by an average of 3.7% per year over the last three years and has increased its dividend every year for the last 1 years. Equity Residential has a dividend payout ratio of 148.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Equity Residential to earn $3.80 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 65.8%.
Shares of EQR stock traded down $0.39 during mid-day trading on Thursday, hitting $68.76. The company’s stock had a trading volume of 73,566 shares, compared to its average volume of 1,770,528. Equity Residential has a 52-week low of $68.25 and a 52-week high of $94.32. The business has a 50-day moving average price of $80.09 and a 200 day moving average price of $85.40. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 3.18 and a beta of 0.82.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Carroll Investors Inc bought a new position in shares of Equity Residential in the fourth quarter worth about $47,000. Covestor Ltd boosted its stake in shares of Equity Residential by 742.0% in the first quarter. Covestor Ltd now owns 1,263 shares of the real estate investment trust’s stock worth $114,000 after acquiring an additional 1,113 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Equity Residential by 54.3% in the first quarter. Lazard Asset Management LLC now owns 2,204 shares of the real estate investment trust’s stock worth $198,000 after acquiring an additional 776 shares during the period. Fund Management at Engine No. 1 LLC bought a new position in shares of Equity Residential in the first quarter worth about $260,000. Finally, Horizon Investments LLC bought a new position in shares of Equity Residential in the fourth quarter worth about $261,000. Institutional investors and hedge funds own 91.43% of the company’s stock.
EQR has been the subject of a number of research reports. TheStreet cut Equity Residential from a “b” rating to a “c+” rating in a research report on Friday, May 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Equity Residential from $94.00 to $93.00 and set a “hold” rating for the company in a research report on Thursday, March 24th. Morgan Stanley reduced their price objective on Equity Residential from $86.50 to $78.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 25th. Piper Sandler reduced their price objective on Equity Residential from $97.00 to $85.00 in a research report on Wednesday, May 4th. Finally, Truist Financial reduced their price objective on Equity Residential to $85.00 in a research report on Thursday, May 26th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $88.11.
About Equity Residential (Get Rating)
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 high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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