Equity Residential (NYSE:EQR) Expected to Announce Quarterly Sales of $619.69 Million
Brokerages expect Equity Residential (NYSE:EQR) to post $619.69 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Equity Residential’s earnings, with estimates ranging from $616.11 million to $622.80 million. Equity Residential posted sales of $606.07 million in the same quarter last year, which suggests a positive year-over-year growth rate of 2.2%. The firm is expected to announce its next quarterly earnings results on Tuesday, October 24th.
On average, analysts expect that Equity Residential will report full-year sales of $619.69 million for the current year, with estimates ranging from $2.44 billion to $2.47 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.54 billion per share, with estimates ranging from $2.49 billion to $2.58 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Equity Residential.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.77. The business had revenue of $612.48 million during the quarter, compared to analyst estimates of $609.37 million. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $0.76 EPS.
Several analysts have weighed in on the company. Evercore ISI boosted their price objective on Equity Residential from $62.00 to $63.00 and gave the company an “underperform” rating in a research report on Wednesday, April 19th. UBS AG downgraded Equity Residential from a “buy” rating to a “neutral” rating and set a $68.00 price objective for the company. in a research report on Thursday, July 6th. BMO Capital Markets reiterated a “hold” rating and issued a $66.00 price objective on shares of Equity Residential in a research report on Thursday, May 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $67.00 price objective on shares of Equity Residential in a research report on Monday, July 17th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Equity Residential in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $68.08.
In other news, EVP Bruce C. Strohm sold 1,686 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $67.23, for a total value of $113,349.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David S. Santee sold 10,967 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $67.93, for a total value of $744,988.31. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,838 shares of company stock worth $3,724,023. Insiders own 3.79% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in Equity Residential by 124.6% in the second quarter. Bessemer Group Inc. now owns 1,572 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 872 shares during the period. Financial Architects Inc boosted its stake in Equity Residential by 5.9% in the first quarter. Financial Architects Inc now owns 1,694 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 94 shares during the period. Delta Asset Management LLC TN boosted its stake in Equity Residential by 2.9% in the first quarter. Delta Asset Management LLC TN now owns 2,012 shares of the real estate investment trust’s stock valued at $125,000 after buying an additional 57 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Equity Residential during the first quarter valued at approximately $218,000. Finally, Anchor Capital Advisors LLC boosted its stake in Equity Residential by 1.4% in the first quarter. Anchor Capital Advisors LLC now owns 3,625 shares of the real estate investment trust’s stock valued at $226,000 after buying an additional 50 shares during the period. 92.39% of the stock is currently owned by hedge funds and other institutional investors.
Equity Residential (NYSE EQR) opened at 67.24 on Tuesday. Equity Residential has a one year low of $58.28 and a one year high of $68.83. The company has a market cap of $24.70 billion, a price-to-earnings ratio of 30.06 and a beta of 0.34. The company has a 50-day moving average of $66.69 and a 200-day moving average of $64.31.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 26th were paid 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 3.00%. Equity Residential’s dividend payout ratio is currently 90.58%.
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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