Brokerages forecast that Equity Residential (NYSE:EQR) will post $631.31 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Equity Residential’s earnings, with the highest sales estimate coming in at $633.80 million and the lowest estimate coming in at $628.15 million. Equity Residential reported sales of $604.10 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.5%. The company is scheduled to report its next earnings results after the market closes on Tuesday, April 24th.
According to Zacks, analysts expect that Equity Residential will report full-year sales of $2.55 billion for the current financial year, with estimates ranging from $2.54 billion to $2.57 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.62 billion per share, with estimates ranging from $2.59 billion to $2.67 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Equity Residential.
Equity Residential (NYSE:EQR) last issued its earnings results on Tuesday, January 30th. The real estate investment trust reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.47). The company had revenue of $630.50 million for the quarter, compared to analysts’ expectations of $625.83 million. Equity Residential had a return on equity of 5.76% and a net margin of 24.39%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share.
A number of brokerages have recently commented on EQR. Mizuho set a $67.00 target price on shares of Equity Residential and gave the stock a “buy” rating in a research report on Friday, February 9th. Robert W. Baird set a $62.00 price objective on shares of Equity Residential and gave the company a “hold” rating in a research note on Friday, March 2nd. Jefferies Group reiterated a “hold” rating and set a $62.00 price objective on shares of Equity Residential in a research note on Monday, February 5th. Zacks Investment Research downgraded shares of Equity Residential from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Finally, UBS upgraded shares of Equity Residential from a “neutral” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Monday, March 19th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $66.82.
In other Equity Residential news, CFO Mark J. Parrell sold 7,355 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $58.18, for a total value of $427,913.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Kaufman sold 684 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $58.18, for a total transaction of $39,795.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,077 shares of company stock valued at $819,000. 3.79% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new stake in shares of Equity Residential during the fourth quarter worth $65,374,000. Renaissance Technologies LLC raised its holdings in shares of Equity Residential by 329.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,001,600 shares of the real estate investment trust’s stock worth $63,872,000 after purchasing an additional 768,179 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its holdings in shares of Equity Residential by 77.3% during the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 1,708,255 shares of the real estate investment trust’s stock worth $108,935,000 after purchasing an additional 744,642 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Equity Residential by 256.4% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 492,168 shares of the real estate investment trust’s stock worth $31,385,000 after purchasing an additional 354,068 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Equity Residential by 1.0% during the fourth quarter. BlackRock Inc. now owns 36,016,443 shares of the real estate investment trust’s stock worth $2,296,769,000 after purchasing an additional 341,071 shares during the last quarter. Institutional investors own 94.22% of the company’s stock.
Shares of NYSE:EQR traded down $0.45 during trading on Friday, reaching $61.98. 1,266,790 shares of the company were exchanged, compared to its average volume of 2,602,872. The firm has a market cap of $22,708.70, a PE ratio of 19.80, a price-to-earnings-growth ratio of 3.21 and a beta of 0.34. Equity Residential has a 12-month low of $54.97 and a 12-month high of $70.46. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.29 and a current ratio of 0.29.
The company also recently announced a quarterly dividend, which was paid on Friday, April 13th. Shareholders of record on Monday, March 26th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.48%. This is an increase from Equity Residential’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, March 23rd. Equity Residential’s dividend payout ratio (DPR) is 69.01%.
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About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 305 properties consisting of 78,611 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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