Brokerages expect Equity Residential (NYSE:EQR) to post $667.54 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Equity Residential’s earnings. The highest sales estimate is $670.63 million and the lowest is $662.50 million. Equity Residential reported sales of $639.81 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.3%. The company is expected to report its next earnings results on Tuesday, July 23rd.
According to Zacks, analysts expect that Equity Residential will report full-year sales of $2.68 billion for the current fiscal year, with estimates ranging from $2.66 billion to $2.69 billion. For the next financial year, analysts forecast that the firm will post sales of $2.75 billion, with estimates ranging from $2.72 billion to $2.77 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Equity Residential.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.28 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.53). The firm had revenue of $662.30 million for the quarter, compared to analysts’ expectations of $655.00 million. Equity Residential had a net margin of 21.10% and a return on equity of 5.31%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.77 EPS.
Several brokerages have recently weighed in on EQR. Argus raised their price target on Equity Residential to $84.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Zacks Investment Research downgraded Equity Residential from a “hold” rating to a “sell” rating in a report on Monday, April 1st. Barclays raised their price target on Equity Residential from $73.00 to $74.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Evercore ISI downgraded Equity Residential from an “in-line” rating to an “underperform” rating in a report on Monday, April 1st. Finally, BMO Capital Markets restated a “hold” rating and set a $78.00 price target on shares of Equity Residential in a report on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Equity Residential has an average rating of “Hold” and a consensus target price of $72.52.
In other news, insider Alan W. George sold 23,993 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $74.76, for a total transaction of $1,793,716.68. Following the transaction, the insider now owns 70,575 shares of the company’s stock, valued at approximately $5,276,187. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Michael L. Manelis sold 1,449 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $77.00, for a total value of $111,573.00. The disclosure for this sale can be found here. Insiders have sold a total of 199,118 shares of company stock worth $15,185,655 over the last ninety days. Insiders own 3.75% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Equity Residential by 2.3% during the 1st quarter. BlackRock Inc. now owns 42,189,362 shares of the real estate investment trust’s stock valued at $3,177,704,000 after purchasing an additional 942,825 shares during the last quarter. Norges Bank purchased a new stake in shares of Equity Residential in the 4th quarter worth $1,249,322,000. FMR LLC lifted its holdings in shares of Equity Residential by 15.8% in the 1st quarter. FMR LLC now owns 10,042,326 shares of the real estate investment trust’s stock worth $756,387,000 after buying an additional 1,373,126 shares during the period. Northern Trust Corp lifted its holdings in shares of Equity Residential by 0.4% in the 1st quarter. Northern Trust Corp now owns 6,770,425 shares of the real estate investment trust’s stock worth $509,949,000 after buying an additional 28,685 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Equity Residential by 4.1% in the 1st quarter. Geode Capital Management LLC now owns 6,335,389 shares of the real estate investment trust’s stock worth $476,506,000 after buying an additional 246,966 shares during the period. 88.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:EQR traded up $0.33 on Monday, hitting $78.26. 1,153,539 shares of the company traded hands, compared to its average volume of 1,102,353. Equity Residential has a 52 week low of $61.67 and a 52 week high of $78.54. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $28.88 billion, a PE ratio of 24.08, a PEG ratio of 3.87 and a beta of 0.54.
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 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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