Brokers Offer Predictions for Equity Residential’s Q3 2024 Earnings (NYSE:EQR)

Equity Residential (NYSE:EQR) – Stock analysts at Wedbush lowered their Q3 2024 earnings per share estimates for Equity Residential in a research note issued to investors on Monday, August 5th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings per share of $0.98 for the quarter, down from their previous forecast of $1.01. Wedbush currently has a “Neutral” rating and a $75.00 target price on the stock. The consensus estimate for Equity Residential’s current full-year earnings is $3.88 per share. Wedbush also issued estimates for Equity Residential’s Q4 2024 earnings at $0.99 EPS and FY2024 earnings at $3.88 EPS.

Several other research analysts have also commented on the company. Morgan Stanley raised their price objective on Equity Residential from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Evercore ISI lowered Equity Residential from an “outperform” rating to an “in-line” rating and set a $70.00 target price on the stock. in a research report on Monday, May 13th. Scotiabank lifted their target price on Equity Residential from $72.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Royal Bank of Canada lifted their target price on Equity Residential from $74.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Truist Financial lifted their target price on Equity Residential from $67.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $70.91.

Equity Residential Trading Up 0.5 %

NYSE:EQR opened at $70.39 on Wednesday. The business’s 50-day moving average is $68.27 and its two-hundred day moving average is $64.47. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.21 and a quick ratio of 0.23. Equity Residential has a 12 month low of $52.57 and a 12 month high of $72.32. The firm has a market capitalization of $26.72 billion, a PE ratio of 29.21, a price-to-earnings-growth ratio of 4.06 and a beta of 0.87.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.49). Equity Residential had a return on equity of 8.53% and a net margin of 32.83%. The business had revenue of $734.20 million for the quarter, compared to analyst estimates of $735.26 million. During the same quarter last year, the business earned $0.94 EPS. Equity Residential’s revenue for the quarter was up 2.4% compared to the same quarter last year.

Hedge Funds Weigh In On Equity Residential

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in Equity Residential by 12.2% in the second quarter. Envestnet Asset Management Inc. now owns 208,819 shares of the real estate investment trust’s stock valued at $14,480,000 after acquiring an additional 22,693 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Equity Residential by 1.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 152,649 shares of the real estate investment trust’s stock worth $10,144,000 after buying an additional 2,463 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Equity Residential by 565.4% during the second quarter. Oppenheimer & Co. Inc. now owns 25,696 shares of the real estate investment trust’s stock worth $1,782,000 after buying an additional 21,834 shares during the period. Y.D. More Investments Ltd acquired a new position in shares of Equity Residential during the second quarter worth approximately $116,000. Finally, American Century Companies Inc. boosted its position in shares of Equity Residential by 20.7% during the second quarter. American Century Companies Inc. now owns 2,180,190 shares of the real estate investment trust’s stock worth $151,174,000 after buying an additional 373,229 shares during the period. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, CFO Robert Garechana sold 6,357 shares of Equity Residential stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $69.08, for a total value of $439,141.56. Following the completion of the transaction, the chief financial officer now directly owns 14,576 shares in the company, valued at $1,006,910.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by insiders.

Equity Residential Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders 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 yield of 3.84%. Equity Residential’s payout ratio is currently 112.03%.

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.