Brokerages expect that Equity Residential (NYSE:EQR) will post $650.01 million in sales for the current quarter, Zacks reports. Seven analysts have provided estimates for Equity Residential’s earnings, with estimates ranging from $640.76 million to $655.94 million. Equity Residential posted sales of $630.70 million in the same quarter last year, which suggests a positive year over year growth rate of 3.1%. The company is expected to issue its next earnings report on Tuesday, January 29th.
According to Zacks, analysts expect that Equity Residential will report full-year sales of $2.58 billion for the current financial year, with estimates ranging from $2.57 billion to $2.58 billion. For the next financial year, analysts expect that the company will post sales of $2.65 billion, with estimates ranging from $2.63 billion to $2.67 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Equity Residential.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.23). The company had revenue of $652.87 million during the quarter, compared to the consensus estimate of $645.77 million. Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.37 earnings per share.
EQR has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Monday, November 26th. Wells Fargo & Co set a $70.00 price target on shares of Equity Residential and gave the company a “hold” rating in a report on Thursday, November 1st. ValuEngine upgraded shares of Equity Residential from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Argus lifted their price target on shares of Equity Residential from $70.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, October 30th. Finally, Deutsche Bank boosted their target price on shares of Equity Residential from $66.00 to $67.00 and gave the stock a “hold” rating in a report on Wednesday, September 5th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $69.00.
In other news, insider Barry Altshuler sold 10,455 shares of the business’s stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $70.78, for a total value of $740,004.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David J. Neithercut sold 44,562 shares of Equity Residential stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $67.79, for a total transaction of $3,020,857.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,963 shares of company stock worth $17,502,614. Insiders own 3.75% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Landaas & Co. WI ADV purchased a new position in shares of Equity Residential during the 2nd quarter worth about $101,000. Stelac Advisory Services LLC purchased a new position in shares of Equity Residential during the 3rd quarter worth about $120,000. Bbva Compass Bancshares Inc. purchased a new position in shares of Equity Residential during the 3rd quarter worth about $137,000. Lenox Wealth Management Inc. purchased a new position in shares of Equity Residential during the 3rd quarter worth about $426,000. Finally, Girard Partners LTD. purchased a new position in shares of Equity Residential during the 2nd quarter worth about $203,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE EQR opened at $71.67 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $26.07 billion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 3.61 and a beta of 0.43. Equity Residential has a 52-week low of $54.97 and a 52-week high of $72.75.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 306 properties consisting of 79,260 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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