Equity Residential’s Neutral Rating Reaffirmed at Zacks (EQR)
Equity Residential (NYSE:EQR)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday, American Banking News reports. They currently have a $57.00 price target on the stock. Zacks‘ price target points to a potential upside of 4.49% from the stock’s previous close.
Zacks‘ analyst wrote, “Equity Residential’s core FFO per share in second-quarter 2013 was in line with the Zacks Consensus Estimate and up year over year, primarily driven by higher same store net operating income and the benefit from stabilized Archstone properties, partly offset by the negative impact from disposition activity, common share issuance for the Archstone deal and elevated interest expense. Going forward, we believe its focus on expansion in the high barrier-to-entry regions in the U.S. will drive its top-line growth. The Archstone acquisition further reinforces that. Also, the echo boomers population continues to raise the demand for apartments. Alongside, with a decent balance sheet position, the company is well poised to capitalize on this favorable trend through acquisitions and developments. But this continuous acquisition spree involves significant upfront expenses that drag down near-term profitability till the properties get established. The company also has a decent exposure to the Washington DC market, which is expected to experience a rise in new supply, leading to a challenge for base rent growth going forward. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus cut their price target on shares of Equity Residential (NYSE:EQR) from $68.00 to $65.00 in a research note to investors on Wednesday, September 18th. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Equity Residential (NYSE:EQR) in a research note to investors on Friday, September 13th. They now have a $57.00 price target on the stock, down previously from $63.00. Finally, analysts at Cowen and Company cut their price target on shares of Equity Residential (NYSE:EQR) from $60.00 to $52.00 in a research note to investors on Thursday, September 12th. They now have a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $60.67.
Shares of Equity Residential (NYSE:EQR) traded down 0.22% on Friday, hitting $54.55. 1,003,127 shares of the company’s stock traded hands. Equity Residential has a one year low of $50.24 and a one year high of $60.97. The stock has a 50-day moving average of $53.34 and a 200-day moving average of $56.19. The company has a market cap of $19.656 billion and a price-to-earnings ratio of 9.29.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.71 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.71. The company had revenue of $635.10 million for the quarter, compared to the consensus estimate of $616.09 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company’s quarterly revenue was up 41.7% on a year-over-year basis. Analysts expect that Equity Residential will post $2.56 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 11th. Stockholders of record on Monday, September 23rd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Thursday, September 19th.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
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