Equity Residential (NYSE:EQR) Announces Quarterly Earnings Results

Equity Residential (NYSE:EQR - Get Free Report) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02, RTT News reports. The company had revenue of $730.80 million for the quarter, compared to the consensus estimate of $728.09 million. Equity Residential had a return on equity of 7.43% and a net margin of 29.07%. Equity Residential's quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS.

Equity Residential Stock Performance

EQR traded up $0.55 on Tuesday, reaching $63.09. 2,479,300 shares of the stock were exchanged, compared to its average volume of 2,073,716. The firm has a market capitalization of $23.91 billion, a PE ratio of 28.68, a PEG ratio of 3.57 and a beta of 0.84. The company's 50-day moving average price is $61.68 and its 200 day moving average price is $59.74. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.30 and a quick ratio of 0.30. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were given a dividend of $0.675 per share. The ex-dividend date was Friday, March 22nd. This represents a $2.70 dividend on an annualized basis and a yield of 4.28%. This is a boost from Equity Residential's previous quarterly dividend of $0.66. Equity Residential's payout ratio is currently 122.73%.

Insider Activity

In other news, CAO Ian Kaufman sold 716 shares of the business's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares of the company's stock, valued at approximately $1,384,252.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Michael L. Manelis sold 1,639 shares of the business's stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.43, for a total value of $97,405.77. Following the completion of the transaction, the chief operating officer now owns 31,053 shares of the company's stock, valued at approximately $1,845,479.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Ian Kaufman sold 716 shares of Equity Residential stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total value of $41,384.80. Following the completion of the transaction, the chief accounting officer now owns 23,949 shares of the company's stock, valued at approximately $1,384,252.20. The disclosure for this sale can be found here. Insiders sold a total of 3,280 shares of company stock valued at $192,335 in the last quarter. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Royal Bank of Canada lifted their price target on Equity Residential from $65.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, February 1st. Barclays cut their price target on Equity Residential from $69.00 to $67.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 20th. Mizuho cut their price target on Equity Residential from $62.00 to $61.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Equity Residential in a report on Tuesday, January 30th. They issued a "hold" rating and a $64.00 price target on the stock. Finally, Piper Sandler reiterated a "neutral" rating and issued a $62.00 price target on shares of Equity Residential in a report on Tuesday, March 26th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $65.75.

Equity Residential Company Profile

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 affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.