Analysts Anticipate Equity Residential (NYSE:EQR) Will Announce Quarterly Sales of $658.07 Million

Wall Street brokerages predict that Equity Residential (NYSE:EQR – Get Rating) will report sales of $658.07 million for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Equity Residential’s earnings. The highest sales estimate is $665.70 million and the lowest is $645.94 million. Equity Residential posted sales of $597.60 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 10.1%. The business is expected to report its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Equity Residential will report full year sales of $2.72 billion for the current fiscal year, with estimates ranging from $2.69 billion to $2.76 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.88 billion, with estimates ranging from $2.81 billion to $2.98 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Equity Residential.

Equity Residential (NYSE:EQR – Get Rating) last released its earnings results on Monday, January 31st. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.60. The firm had revenue of $645.13 million during the quarter, compared to analysts’ expectations of $633.11 million. Equity Residential had a return on equity of 12.37% and a net margin of 54.09%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.76 EPS.

EQR has been the subject of a number of research reports. Morgan Stanley increased their target price on Equity Residential from $92.00 to $95.50 and gave the stock an “equal weight” rating in a report on Friday, April 8th. Truist Financial increased their price objective on shares of Equity Residential from $89.00 to $95.00 in a research note on Tuesday, January 18th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Equity Residential from $94.00 to $93.00 and set a “hold” rating for the company in a research note on Thursday, March 24th. StockNews.com began coverage on shares of Equity Residential in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Barclays increased their price objective on shares of Equity Residential from $87.00 to $97.00 in a research note on Tuesday, January 18th. Fourteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.50.

In other Equity Residential news, Director David J. Neithercut sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 3rd. The shares were sold at an average price of $92.01, for a total transaction of $9,201,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ian Kaufman sold 870 shares of the firm’s stock in a transaction that occurred on Friday, February 4th. The stock was sold at an average price of $90.13, for a total transaction of $78,413.10. The disclosure for this sale can be found here. Insiders have sold 108,371 shares of company stock valued at $9,955,478 over the last 90 days. Company insiders own 2.50% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. TCW Group Inc. increased its holdings in shares of Equity Residential by 3.4% during the first quarter. TCW Group Inc. now owns 74,347 shares of the real estate investment trust’s stock worth $6,686,000 after purchasing an additional 2,459 shares during the period. Spirit of America Management Corp NY increased its holdings in shares of Equity Residential by 5.5% during the first quarter. Spirit of America Management Corp NY now owns 30,715 shares of the real estate investment trust’s stock worth $2,762,000 after purchasing an additional 1,600 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Equity Residential by 8.5% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 60,469 shares of the real estate investment trust’s stock worth $5,437,000 after purchasing an additional 4,747 shares during the period. AE Wealth Management LLC increased its holdings in shares of Equity Residential by 6.0% during the first quarter. AE Wealth Management LLC now owns 7,511 shares of the real estate investment trust’s stock worth $675,000 after purchasing an additional 427 shares during the period. Finally, IFM Investors Pty Ltd increased its holdings in shares of Equity Residential by 13.7% during the first quarter. IFM Investors Pty Ltd now owns 53,352 shares of the real estate investment trust’s stock worth $4,797,000 after purchasing an additional 6,432 shares during the period. 91.11% of the stock is currently owned by institutional investors.

EQR stock traded up $0.85 during trading hours on Friday, reaching $90.47. 32,117 shares of the stock were exchanged, compared to its average volume of 1,697,719. The firm’s 50-day moving average is $88.16 and its 200-day moving average is $87.53. The company has a market cap of $34.01 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 5.44 and a beta of 0.80. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.70 and a quick ratio of 0.70. Equity Residential has a 12 month low of $70.98 and a 12 month high of $93.03.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 8th. Shareholders of record on Monday, March 28th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Friday, March 25th. This is an increase from Equity Residential’s previous quarterly dividend of $0.60. This represents a $2.50 annualized dividend and a yield of 2.76%. Equity Residential’s dividend payout ratio (DPR) is 70.62%.

Equity Residential Company Profile (Get Rating)

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.

See Also