Equity Residential (NYSE:EQR) Expected to Post Quarterly Sales of $608.36 Million
Equities research analysts forecast that Equity Residential (NYSE:EQR) will post sales of $608.36 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Equity Residential’s earnings. The highest sales estimate is $609.82 million and the lowest is $605.91 million. Equity Residential posted sales of $595.15 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.2%. The business is expected to announce its next quarterly earnings report after the market closes on Tuesday, July 25th.
According to Zacks, analysts expect that Equity Residential will report full-year sales of $608.36 million for the current financial year, with estimates ranging from $2.44 billion to $2.46 billion. For the next year, analysts forecast that the company will post sales of $2.54 billion per share, with estimates ranging from $2.49 billion to $2.56 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Equity Residential.
Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, April 25th. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $604.10 million during the quarter, compared to analyst estimates of $605.69 million. Equity Residential had a return on equity of 7.46% and a net margin of 35.18%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 earnings per share.
EQR has been the subject of a number of research analyst reports. BidaskClub cut Equity Residential from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research raised Equity Residential from a “sell” rating to a “hold” rating in a report on Tuesday, March 28th. Barclays PLC reissued an “equal weight” rating and set a $64.00 price target (up previously from $62.00) on shares of Equity Residential in a report on Wednesday, April 19th. Evercore ISI boosted their price target on Equity Residential from $62.00 to $63.00 and gave the stock an “underperform” rating in a report on Wednesday, April 19th. Finally, Argus set a $75.00 price target on Equity Residential and gave the stock a “buy” rating in a report on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $67.67.
Shares of Equity Residential (NYSE:EQR) traded up 1.41% during mid-day trading on Wednesday, hitting $66.98. The stock had a trading volume of 884,991 shares. The firm has a market cap of $24.59 billion, a PE ratio of 29.12 and a beta of 0.33. Equity Residential has a 52 week low of $58.28 and a 52 week high of $70.75. The stock has a 50 day moving average price of $66.48 and a 200 day moving average price of $64.08.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, June 26th were given a $0.5038 dividend. The ex-dividend date of this dividend was Thursday, June 22nd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.05%. Equity Residential’s dividend payout ratio (DPR) is presently 88.21%.
In other Equity Residential news, insider David S. Santee sold 14,028 shares of the company’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $67.27, for a total value of $943,663.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael L. Manelis sold 1,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $65.63, for a total value of $65,630.00. The disclosure for this sale can be found here. Insiders sold a total of 44,871 shares of company stock worth $2,979,034 in the last quarter. Corporate insiders own 3.79% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC raised its stake in shares of Equity Residential by 17.8% in the second quarter. Aperio Group LLC now owns 164,732 shares of the real estate investment trust’s stock valued at $10,844,000 after buying an additional 24,926 shares during the last quarter. North Star Investment Management Corp. raised its stake in shares of Equity Residential by 5.5% in the second quarter. North Star Investment Management Corp. now owns 39,078 shares of the real estate investment trust’s stock valued at $2,573,000 after buying an additional 2,036 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Equity Residential by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 22,800 shares of the real estate investment trust’s stock valued at $1,501,000 after buying an additional 200 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Equity Residential by 7.2% in the second quarter. Nisa Investment Advisors LLC now owns 94,847 shares of the real estate investment trust’s stock valued at $6,230,000 after buying an additional 6,360 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in shares of Equity Residential by 2.6% in the second quarter. LS Investment Advisors LLC now owns 11,176 shares of the real estate investment trust’s stock valued at $736,000 after buying an additional 279 shares during the last quarter. Institutional investors own 91.95% of the company’s stock.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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