Equity Residential (NYSE:EQR) Issues Quarterly Earnings Results, Misses Estimates By $0.61 EPS

Equity Residential (NYSE:EQRGet Rating) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by ($0.61), MarketWatch Earnings reports. Equity Residential had a return on equity of 12.37% and a net margin of 54.09%. During the same quarter last year, the company posted $0.68 EPS. Equity Residential updated its Q2 2022 guidance to $0.820-$0.860 EPS and its Q2 guidance to $0.82-$0.86 EPS.

Shares of NYSE:EQR traded down $1.96 during mid-day trading on Wednesday, reaching $87.13. The stock had a trading volume of 56,462 shares, compared to its average volume of 1,677,177. The firm has a market cap of $32.76 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 5.61 and a beta of 0.80. The firm has a 50 day simple moving average of $88.67 and a two-hundred day simple moving average of $87.83. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.75. Equity Residential has a twelve month low of $70.98 and a twelve month high of $94.32.

The company also recently declared a quarterly dividend, which was paid on Friday, April 8th. Investors of record on Monday, March 28th were given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 2.87%. This is an increase from Equity Residential’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, March 25th. Equity Residential’s dividend payout ratio (DPR) is currently 70.62%.

Several research analysts recently issued reports on EQR shares. Mizuho reduced their price target on shares of Equity Residential from $98.00 to $92.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 16th. Truist Financial upped their price target on shares of Equity Residential from $89.00 to $95.00 in a research report on Tuesday, January 18th. StockNews.com started coverage on shares of Equity Residential in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Equity Residential from $94.00 to $93.00 and set a “hold” rating on the stock in a research report on Thursday, March 24th. Finally, Morgan Stanley upped their target price on shares of Equity Residential from $92.00 to $95.50 and gave the company an “equal weight” rating in a research report on Friday, April 8th. Fourteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Equity Residential currently has an average rating of “Hold” and an average target price of $90.50.

In related news, Director David J. Neithercut sold 100,000 shares of the stock in a transaction that occurred on Thursday, February 3rd. The stock was sold at an average price of $92.01, for a total transaction of $9,201,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael L. Manelis sold 3,629 shares of the stock in a transaction that occurred on Friday, February 4th. The stock was sold at an average price of $90.13, for a total value of $327,081.77. The disclosure for this sale can be found here. Insiders sold a total of 108,371 shares of company stock worth $9,955,478 over the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp grew its stake in shares of Equity Residential by 28.6% during the 4th quarter. Stifel Financial Corp now owns 50,810 shares of the real estate investment trust’s stock worth $4,599,000 after acquiring an additional 11,306 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Equity Residential by 16.2% during the 4th quarter. Penserra Capital Management LLC now owns 19,639 shares of the real estate investment trust’s stock worth $1,797,000 after acquiring an additional 2,733 shares in the last quarter. Allstate Corp grew its stake in shares of Equity Residential by 88.3% during the 4th quarter. Allstate Corp now owns 35,965 shares of the real estate investment trust’s stock worth $3,255,000 after acquiring an additional 16,866 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Equity Residential by 5.8% during the 4th quarter. Parametric Portfolio Associates LLC now owns 1,149,960 shares of the real estate investment trust’s stock worth $104,071,000 after acquiring an additional 63,027 shares in the last quarter. Finally, Horizon Investments LLC bought a new position in shares of Equity Residential during the 4th quarter worth approximately $261,000. 91.11% of the stock is owned by institutional investors and hedge funds.

Equity Residential Company Profile (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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Earnings History for Equity Residential (NYSE:EQR)

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