Equity Residential (EQR) to Issue $0.50 Quarterly Dividend
Equity Residential (NYSE:EQR) declared a quarterly dividend on Friday, September 15th, RTT News reports. Stockholders of record on Monday, September 25th will be paid a dividend of 0.5038 per share by the real estate investment trust on Friday, October 13th. This represents a $2.02 annualized dividend and a dividend yield of 2.97%.
Equity Residential has raised its dividend payment by an average of 1.6% per year over the last three years. Equity Residential has a dividend payout ratio of 65.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Equity Residential to earn $1.40 per share next year, which means the company may not be able to cover its $2.02 annual dividend with an expected future payout ratio of 144.3%.
Shares of Equity Residential (EQR) traded up 0.73% on Friday, hitting $67.88. The stock had a trading volume of 3,190,161 shares. The stock has a market cap of $24.93 billion, a PE ratio of 30.37 and a beta of 0.36. Equity Residential has a one year low of $58.28 and a one year high of $68.83. The company’s 50 day moving average is $67.56 and its 200 day moving average is $65.52.
Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.77. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The firm had revenue of $612.48 million for the quarter, compared to analyst estimates of $609.37 million. During the same quarter last year, the business earned $0.76 earnings per share. Equity Residential’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Equity Residential will post $1.48 EPS for the current fiscal year.
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EQR has been the topic of a number of research analyst reports. BMO Capital Markets reiterated a “hold” rating and issued a $66.00 price target on shares of Equity Residential in a report on Thursday, May 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 price target on shares of Equity Residential in a report on Tuesday, May 30th. Bank of America Corporation upgraded shares of Equity Residential from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Friday, June 16th. BidaskClub upgraded shares of Equity Residential from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Finally, UBS AG lowered shares of Equity Residential from a “buy” rating to a “neutral” rating and set a $68.00 price target on the stock. in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. Equity Residential has a consensus rating of “Hold” and a consensus target price of $68.21.
In related news, insider Michael L. Manelis sold 433 shares of Equity Residential stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $29,023.99. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bruce C. Strohm sold 10,000 shares of Equity Residential stock in a transaction on Friday, September 8th. The stock was sold at an average price of $68.50, for a total transaction of $685,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 173,622 shares of company stock worth $11,816,599. Insiders own 3.79% of the company’s stock.
About Equity Residential
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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