Brokerages expect Equity Residential (NYSE:EQR) to post sales of $645.19 million for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Equity Residential’s earnings, with the highest sales estimate coming in at $649.36 million and the lowest estimate coming in at $638.20 million. Equity Residential reported sales of $624.12 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.4%. The firm is expected to report its next earnings report on Tuesday, October 23rd.
On average, analysts expect that Equity Residential will report full year sales of $2.56 billion for the current financial year, with estimates ranging from $2.55 billion to $2.58 billion. For the next financial year, analysts forecast that the company will post sales of $2.63 billion per share, with estimates ranging from $2.61 billion to $2.68 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover Equity Residential.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, July 24th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.01. Equity Residential had a net margin of 23.27% and a return on equity of 5.63%. The firm had revenue of $639.62 million during the quarter, compared to analyst estimates of $637.34 million. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Equity Residential’s quarterly revenue was up 4.5% on a year-over-year basis.
EQR has been the subject of a number of analyst reports. SunTrust Banks lowered shares of Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a report on Tuesday, August 14th. Morgan Stanley dropped their price objective on shares of Equity Residential from $66.50 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. Robert W. Baird reaffirmed a “hold” rating and set a $66.00 target price on shares of Equity Residential in a research note on Thursday, August 16th. Bank of America increased their target price on shares of Equity Residential from $74.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday, June 8th. Finally, Mizuho reaffirmed a “buy” rating and set a $76.00 target price on shares of Equity Residential in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $67.57.
In other Equity Residential news, CEO David J. Neithercut sold 25,000 shares of the stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $64.50, for a total transaction of $1,612,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.75% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its stake in shares of Equity Residential by 6.3% in the second quarter. BlackRock Inc. now owns 38,144,554 shares of the real estate investment trust’s stock valued at $2,429,425,000 after purchasing an additional 2,247,512 shares during the period. FMR LLC boosted its stake in shares of Equity Residential by 5.1% in the second quarter. FMR LLC now owns 10,660,719 shares of the real estate investment trust’s stock valued at $678,982,000 after purchasing an additional 520,610 shares during the period. Northern Trust Corp boosted its stake in shares of Equity Residential by 3.2% in the first quarter. Northern Trust Corp now owns 6,766,189 shares of the real estate investment trust’s stock valued at $416,933,000 after purchasing an additional 209,065 shares during the period. Boston Partners boosted its stake in shares of Equity Residential by 80.2% in the second quarter. Boston Partners now owns 6,431,486 shares of the real estate investment trust’s stock valued at $409,622,000 after purchasing an additional 2,862,717 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Equity Residential by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,543,211 shares of the real estate investment trust’s stock valued at $353,044,000 after purchasing an additional 71,485 shares during the period. 87.39% of the stock is owned by institutional investors.
Shares of EQR traded up $0.41 during mid-day trading on Friday, reaching $67.43. The stock had a trading volume of 1,611,600 shares, compared to its average volume of 2,156,211. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.84. Equity Residential has a 52-week low of $54.97 and a 52-week high of $70.46. The firm has a market capitalization of $24.95 billion, a P/E ratio of 21.61, a P/E/G ratio of 3.51 and a beta of 0.37.
Equity Residential Company Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 303 properties consisting of 78,399 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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