Equity Residential (NYSE:EQR) Forecasted to Post Q1 2024 Earnings of $0.79 Per Share

Equity Residential (NYSE:EQRFree Report) – Wedbush issued their Q1 2024 EPS estimates for Equity Residential in a research note issued on Monday, February 5th. Wedbush analyst R. Anderson forecasts that the real estate investment trust will post earnings per share of $0.79 for the quarter. The consensus estimate for Equity Residential’s current full-year earnings is $3.81 per share. Wedbush also issued estimates for Equity Residential’s Q2 2024 earnings at $0.81 EPS, Q3 2024 earnings at $0.85 EPS, Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $3.32 EPS and FY2025 earnings at $3.49 EPS.

Equity Residential (NYSE:EQRGet Free Report) last released its earnings results on Tuesday, January 30th. The real estate investment trust reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.18). Equity Residential had a net margin of 29.07% and a return on equity of 7.43%. The company had revenue of $727.50 million during the quarter, compared to the consensus estimate of $725.07 million. During the same quarter in the previous year, the business posted $0.94 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis.

Several other research analysts have also issued reports on EQR. Mizuho increased their price target on shares of Equity Residential from $58.00 to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft began coverage on shares of Equity Residential in a research report on Tuesday, January 30th. They issued a “hold” rating and a $64.00 price target for the company. Royal Bank of Canada increased their price target on shares of Equity Residential from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Piper Sandler dropped their price target on shares of Equity Residential from $71.00 to $57.00 and set a “neutral” rating for the company in a research report on Friday, November 10th. Finally, Stifel Nicolaus dropped their price target on shares of Equity Residential from $60.00 to $59.50 and set a “hold” rating for the company in a research report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Equity Residential has a consensus rating of “Hold” and a consensus price target of $66.18.

Read Our Latest Stock Analysis on EQR

Equity Residential Stock Up 0.6 %

NYSE EQR opened at $59.20 on Wednesday. Equity Residential has a twelve month low of $52.57 and a twelve month high of $69.45. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.18 and a current ratio of 0.30. The stock has a market cap of $22.48 billion, a PE ratio of 26.91, a PEG ratio of 3.47 and a beta of 0.84. The firm has a 50-day simple moving average of $60.34 and a 200 day simple moving average of $60.43.

Hedge Funds Weigh In On Equity Residential

A number of hedge funds and other institutional investors have recently bought and sold shares of EQR. American Century Companies Inc. boosted its stake in Equity Residential by 234.9% in the first quarter. American Century Companies Inc. now owns 12,882 shares of the real estate investment trust’s stock valued at $1,158,000 after acquiring an additional 9,035 shares during the last quarter. Private Advisor Group LLC boosted its stake in Equity Residential by 45.5% in the first quarter. Private Advisor Group LLC now owns 4,761 shares of the real estate investment trust’s stock valued at $428,000 after acquiring an additional 1,489 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in Equity Residential by 85.2% in the first quarter. Panagora Asset Management Inc. now owns 11,356 shares of the real estate investment trust’s stock valued at $1,021,000 after acquiring an additional 5,224 shares during the last quarter. Prudential PLC bought a new position in Equity Residential in the first quarter valued at approximately $687,000. Finally, Baird Financial Group Inc. boosted its stake in Equity Residential by 8.5% in the first quarter. Baird Financial Group Inc. now owns 9,295 shares of the real estate investment trust’s stock valued at $836,000 after acquiring an additional 730 shares during the last quarter. 84.79% of the stock is owned by institutional investors.

Insider Activity at Equity Residential

In related news, Chairman David J. Neithercut sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $58.18, for a total value of $1,454,500.00. Following the completion of the sale, the chairman now owns 3,392 shares of the company’s stock, valued at $197,346.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Michael L. Manelis sold 1,639 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.43, for a total value of $97,405.77. Following the completion of the sale, the chief operating officer now owns 31,053 shares of the company’s stock, valued at $1,845,479.79. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman David J. Neithercut sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $58.18, for a total transaction of $1,454,500.00. Following the completion of the sale, the chairman now directly owns 3,392 shares of the company’s stock, valued at approximately $197,346.56. The disclosure for this sale can be found here. Insiders sold a total of 26,688 shares of company stock valued at $1,554,818 over the last quarter. Corporate insiders own 1.69% of the company’s stock.

Equity Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Tuesday, January 2nd were issued a $0.6625 dividend. This represents a $2.65 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend was Friday, December 29th. Equity Residential’s dividend payout ratio is currently 120.45%.

About Equity Residential

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Equity Residential (NYSE:EQR)

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