Equity Residential (NYSE:EQR – Free Report) – Stock analysts at Wedbush issued their Q3 2023 earnings per share (EPS) estimates for shares of Equity Residential in a note issued to investors on Monday, October 2nd. Wedbush analyst R. Anderson anticipates that the real estate investment trust will post earnings per share of $0.99 for the quarter. Wedbush has a “Neutral” rating and a $62.00 price objective on the stock. The consensus estimate for Equity Residential’s current full-year earnings is $3.79 per share. Wedbush also issued estimates for Equity Residential’s Q4 2023 earnings at $1.01 EPS, FY2023 earnings at $3.81 EPS and FY2024 earnings at $4.02 EPS.
EQR has been the subject of a number of other reports. TheStreet raised shares of Equity Residential from a “c+” rating to a “b-” rating in a research note on Monday, July 17th. Piper Sandler raised shares of Equity Residential from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $63.00 to $68.00 in a report on Friday, June 9th. Morgan Stanley increased their target price on Equity Residential from $64.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, July 19th. JPMorgan Chase & Co. upped their target price on Equity Residential from $72.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, August 21st. Finally, Truist Financial upped their price target on Equity Residential from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $68.94.
Equity Residential Stock Performance
Equity Residential stock opened at $58.47 on Thursday. Equity Residential has a 1-year low of $54.60 and a 1-year high of $69.45. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $22.96 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.83 and a beta of 0.84. The firm’s 50 day simple moving average is $63.02 and its 200 day simple moving average is $62.95.
Institutional Investors Weigh In On Equity Residential
Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Equity Residential by 2.2% during the 1st quarter. BlackRock Inc. now owns 41,457,571 shares of the real estate investment trust’s stock worth $2,487,454,000 after acquiring an additional 878,998 shares during the last quarter. Norges Bank bought a new stake in Equity Residential in the 4th quarter worth $1,822,309,000. State Street Corp lifted its position in shares of Equity Residential by 5.4% in the 1st quarter. State Street Corp now owns 24,983,779 shares of the real estate investment trust’s stock worth $1,515,182,000 after purchasing an additional 1,269,082 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Equity Residential by 8.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,062,840 shares of the real estate investment trust’s stock valued at $1,083,773,000 after acquiring an additional 1,415,255 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Equity Residential by 66.2% during the second quarter. JPMorgan Chase & Co. now owns 10,739,081 shares of the real estate investment trust’s stock valued at $708,457,000 after acquiring an additional 4,278,160 shares in the last quarter. Institutional investors and hedge funds own 84.79% of the company’s stock.
Insider Buying and Selling
In other Equity Residential news, COO Michael L. Manelis sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $66.04, for a total transaction of $165,100.00. Following the transaction, the chief operating officer now owns 22,844 shares of the company’s stock, valued at approximately $1,508,617.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.69% of the stock is owned by company insiders.
Equity Residential Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Tuesday, September 26th will be issued a dividend of $0.6625 per share. The ex-dividend date is Monday, September 25th. This represents a $2.65 dividend on an annualized basis and a dividend yield of 4.53%. Equity Residential’s dividend payout ratio (DPR) is 119.91%.
About Equity Residential
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 304 properties consisting of 80,212 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.
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