Equity Residential Receives Neutral Rating from Zacks (EQR)
Equity Residential (NYSE:EQR)‘s stock had its “neutral” rating restated by Zacks in a report issued on Tuesday. They currently have a $65.00 price target on the stock. Zacks‘s price target suggests a potential upside of 4.35% from the company’s current price.
Zacks’ analyst wrote, “Equity Residential’s normalized FFO per share in first-quarter 2014 matched the Zacks Consensus Estimate and came above the year-ago quarterly FFO driven by a rise in same store net operating income (NOI), reduced total interest expense and increase in NOI from non-same store properties currently in lease up. Also, last year’s Archstone acquisition added to the bliss. We believe Equity Residential’s concerted efforts toward repositioning its portfolio from low barrier-to-entry/non-core markets to high barrier-to-entry/core markets will drive top-line growth going forward. Also, the echo boomers population continues to raise the demand for apartments. Yet, the company has a decent exposure to the Washington D.C. market, where conditions remain choppy with rise in new supply and the impact of sequestration and furloughs, thus posing a challenge for rent growth in the near term. Apart from this, the rise in interest rates remains a concern for the stock.”
Equity Residential (NYSE:EQR) traded up 0.53% during mid-day trading on Tuesday, hitting $62.29. The stock had a trading volume of 1,554,403 shares. Equity Residential has a 1-year low of $50.08 and a 1-year high of $63.25. The stock has a 50-day moving average of $61.65 and a 200-day moving average of $57.68. The company has a market cap of $22.499 billion and a price-to-earnings ratio of 25.13.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.71 by $0.61. The company had revenue of $633.44 million for the quarter, compared to the consensus estimate of $635.84 million. On average, analysts predict that Equity Residential will post $3.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, July 11th. Stockholders of record on Monday, June 23rd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, June 19th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Equity Residential in a research note on Monday. They now have a $66.00 price target on the stock, up previously from $57.00. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Equity Residential from $61.00 to $62.00 in a research note on Friday. They now have a “neutral” rating on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Equity Residential from $49.00 to $56.00 in a research note on Thursday, May 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $59.82.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
To view Zacks’ full report, visit Zacks’ official website.
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