Equity Residential (NYSE:EQR) Expected to Post Quarterly Sales of $676.38 Million

Brokerages forecast that Equity Residential (NYSE:EQR) will report $676.38 million in sales for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Equity Residential’s earnings, with the highest sales estimate coming in at $699.78 million and the lowest estimate coming in at $649.40 million. Equity Residential reported sales of $669.52 million during the same quarter last year, which indicates a positive year-over-year growth rate of 1%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, August 4th.

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 $2.52 billion to $2.80 billion. For the next fiscal year, analysts anticipate that the company will post sales of $2.76 billion, with estimates ranging from $2.63 billion to $2.91 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Equity Residential.

Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.04). The business had revenue of $682.31 million for the quarter, compared to analysts’ expectations of $686.02 million. Equity Residential had a net margin of 43.16% and a return on equity of 11.20%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share.

EQR has been the topic of several research reports. Robert W. Baird raised Equity Residential from an “underperform” rating to a “neutral” rating and set a $73.00 price target on the stock in a research report on Tuesday, March 17th. Cfra dropped their price target on Equity Residential from $93.00 to $67.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Citigroup dropped their price target on Equity Residential from $87.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Piper Sandler dropped their price target on Equity Residential from $58.00 to $56.00 and set an “underweight” rating on the stock in a research report on Thursday, May 14th. Finally, Evercore ISI raised Equity Residential from an “underperform” rating to an “in-line” rating and set a $68.00 price target on the stock in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. Equity Residential presently has a consensus rating of “Hold” and an average price target of $74.67.

Shares of EQR stock traded down $0.53 on Monday, hitting $57.40. 2,835,280 shares of the stock traded hands, compared to its average volume of 2,820,919. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $21.56 billion, a PE ratio of 18.28, a PEG ratio of 3.69 and a beta of 0.67. Equity Residential has a 1-year low of $49.62 and a 1-year high of $89.55. The company’s fifty day moving average is $62.80 and its 200 day moving average is $75.84.

Institutional investors and hedge funds have recently modified their holdings of the company. First Horizon Advisors Inc. increased its holdings in shares of Equity Residential by 111.1% during the first quarter. First Horizon Advisors Inc. now owns 477 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 251 shares during the period. TFG Advisers LLC acquired a new position in shares of Equity Residential during the fourth quarter valued at $33,000. WASHINGTON TRUST Co acquired a new position in shares of Equity Residential during the first quarter valued at $42,000. TCI Wealth Advisors Inc. increased its holdings in shares of Equity Residential by 2,363.6% during the fourth quarter. TCI Wealth Advisors Inc. now owns 542 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 520 shares during the period. Finally, Ellevest Inc. increased its holdings in shares of Equity Residential by 68.1% during the first quarter. Ellevest Inc. now owns 765 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 310 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Equity Residential Company Profile

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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