Equity Residential (NYSE:EQR) Expected to Post Earnings of $0.89 Per Share

Brokerages forecast that Equity Residential (NYSE:EQR) will post $0.89 earnings per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Equity Residential’s earnings, with estimates ranging from $0.88 to $0.89. Equity Residential reported earnings per share of $0.84 during the same quarter last year, which indicates a positive year-over-year growth rate of 6%. The company is scheduled to report its next quarterly earnings results on Tuesday, February 4th.

On average, analysts expect that Equity Residential will report full year earnings of $3.47 per share for the current year, with EPS estimates ranging from $3.46 to $3.48. For the next fiscal year, analysts forecast that the company will post earnings of $3.61 per share, with EPS estimates ranging from $3.53 to $3.67. Zacks’ EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Equity Residential.

Equity Residential (NYSE:EQR) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.17). The firm had revenue of $685.15 million for the quarter, compared to analysts’ expectations of $679.66 million. Equity Residential had a return on equity of 7.73% and a net margin of 29.88%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS.

Several research analysts have weighed in on the stock. Robert W. Baird lowered shares of Equity Residential from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $78.00 to $81.00 in a report on Monday, October 14th. Barclays reissued a “hold” rating and set a $87.00 price objective on shares of Equity Residential in a report on Sunday, October 13th. ValuEngine lowered shares of Equity Residential from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their price objective on shares of Equity Residential from $79.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Finally, Goldman Sachs Group started coverage on shares of Equity Residential in a report on Friday, November 8th. They issued a “sell” rating and a $86.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $83.27.

EQR stock traded up $0.68 during mid-day trading on Thursday, hitting $86.46. 995,783 shares of the company were exchanged, compared to its average volume of 1,443,214. The company has a market capitalization of $31.85 billion, a PE ratio of 26.60, a price-to-earnings-growth ratio of 4.04 and a beta of 0.44. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.87. Equity Residential has a twelve month low of $63.17 and a twelve month high of $89.55. The firm has a fifty day simple moving average of $86.96 and a 200 day simple moving average of $81.35.

In other news, Director David J. Neithercut sold 3,000 shares of Equity Residential stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $89.09, for a total value of $267,270.00. Following the completion of the transaction, the director now directly owns 3,392 shares of the company’s stock, valued at approximately $302,193.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael L. Manelis sold 8,672 shares of Equity Residential stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $82.00, for a total transaction of $711,104.00. The disclosure for this sale can be found here. Insiders sold a total of 104,945 shares of company stock valued at $8,882,681 over the last ninety days. Company insiders own 3.75% of the company’s stock.

A number of large investors have recently modified their holdings of EQR. Cohen & Steers Inc. lifted its position in Equity Residential by 74.6% in the 2nd quarter. Cohen & Steers Inc. now owns 6,812,818 shares of the real estate investment trust’s stock valued at $517,229,000 after purchasing an additional 2,911,036 shares during the last quarter. Nuveen Asset Management LLC lifted its position in Equity Residential by 179.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,746,745 shares of the real estate investment trust’s stock valued at $284,454,000 after purchasing an additional 2,406,121 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Equity Residential by 45.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,033,629 shares of the real estate investment trust’s stock valued at $175,478,000 after purchasing an additional 631,243 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Equity Residential by 65.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,524,017 shares of the real estate investment trust’s stock valued at $115,704,000 after purchasing an additional 605,640 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in Equity Residential by 21.1% in the 2nd quarter. California Public Employees Retirement System now owns 2,900,970 shares of the real estate investment trust’s stock valued at $220,242,000 after purchasing an additional 505,971 shares during the last quarter. Hedge funds and other institutional investors own 88.73% of the company’s stock.

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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Earnings History and Estimates for Equity Residential (NYSE:EQR)

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