Equity Residential (NYSE:EQR) Issues Quarterly Earnings Results

Equity Residential (NYSE:EQRGet Free Report) issued its earnings results on Tuesday. The real estate investment trust reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.18), RTT News reports. Equity Residential had a return on equity of 6.06% and a net margin of 23.99%. The company had revenue of $727.50 million for the quarter, compared to analyst estimates of $725.07 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. The company’s quarterly revenue was up 4.0% compared to the same quarter last year.

Equity Residential Trading Down 0.3 %

Shares of NYSE:EQR opened at $59.30 on Wednesday. The company has a market cap of $22.52 billion, a PE ratio of 32.94, a P/E/G ratio of 3.15 and a beta of 0.86. The company’s 50-day moving average price is $59.93 and its 200 day moving average price is $60.75. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.67.

Equity Residential Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Tuesday, January 2nd were given a $0.6625 dividend. The ex-dividend date was Friday, December 29th. This represents a $2.65 annualized dividend and a yield of 4.47%. Equity Residential’s dividend payout ratio is presently 147.22%.

Insider Activity at Equity Residential

In related news, Chairman David J. Neithercut sold 25,000 shares of Equity Residential stock in a transaction dated 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 sale, the chairman now directly owns 3,392 shares in the company, valued at approximately $197,346.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.69% of the stock is currently owned by insiders.

Institutional Trading of Equity Residential

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Equity Residential during the 4th quarter worth about $1,822,309,000. State Street Corp raised its position in shares of Equity Residential by 5.4% during the 1st quarter. State Street Corp now owns 24,983,779 shares of the real estate investment trust’s stock worth $1,515,182,000 after buying an additional 1,269,082 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Equity Residential by 7.7% during the 1st quarter. Macquarie Group Ltd. now owns 7,912,891 shares of the real estate investment trust’s stock worth $474,727,000 after buying an additional 566,203 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Equity Residential by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 7,839,640 shares of the real estate investment trust’s stock worth $469,403,000 after purchasing an additional 176,762 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Equity Residential by 19.1% in the 4th quarter. Morgan Stanley now owns 5,551,602 shares of the real estate investment trust’s stock worth $327,545,000 after purchasing an additional 891,918 shares in the last quarter. 84.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EQR. Piper Sandler lowered their target price on shares of Equity Residential from $71.00 to $57.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. Evercore ISI lowered their price target on shares of Equity Residential from $70.00 to $66.00 in a research report on Monday, October 9th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Equity Residential in a research report on Tuesday. They issued a “hold” rating and a $64.00 price target on the stock. StockNews.com initiated coverage on shares of Equity Residential in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada decreased their target price on shares of Equity Residential from $68.00 to $65.00 and set an “outperform” rating on the stock in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Equity Residential presently has a consensus rating of “Hold” and a consensus target price of $66.11.

Read Our Latest Stock Analysis on Equity Residential

Equity Residential Company Profile

(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.

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Earnings History for Equity Residential (NYSE:EQR)

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