Equity Residential (NYSE:EQR) Expected to Announce Quarterly Sales of $678.09 Million

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Analysts expect that Equity Residential (NYSE:EQR) will announce $678.09 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for Equity Residential’s earnings, with estimates ranging from $670.60 million to $685.40 million. Equity Residential posted sales of $652.87 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.9%. The business is expected to announce its next quarterly earnings results before the market opens on Wednesday, October 23rd.

On average, analysts expect that Equity Residential will report full-year sales of $2.69 billion for the current financial year, with estimates ranging from $2.68 billion to $2.71 billion. For the next financial year, analysts anticipate that the company will post sales of $2.77 billion, with estimates ranging from $2.75 billion to $2.80 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 quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.02). Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The firm had revenue of $669.37 million during the quarter, compared to analysts’ expectations of $667.59 million. During the same quarter in the previous year, the firm posted $0.81 EPS. Equity Residential’s revenue was up 4.7% compared to the same quarter last year.

A number of brokerages have recently weighed in on EQR. Morgan Stanley lifted their target price on shares of Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Argus lifted their target price on shares of Equity Residential to $84.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. SunTrust Banks lifted their target price on shares of Equity Residential from $74.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Finally, Zacks Investment Research raised shares of Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $77.97.

In other news, CFO Robert Garechana sold 4,974 shares of Equity Residential stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $79.00, for a total transaction of $392,946.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David J. Neithercut sold 50,000 shares of Equity Residential stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $80.24, for a total transaction of $4,012,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 194,327 shares of company stock worth $15,811,300 in the last ninety days. Insiders own 3.75% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Equity Residential by 86.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 119,783 shares of the real estate investment trust’s stock worth $9,094,000 after acquiring an additional 55,580 shares in the last quarter. American International Group Inc. boosted its stake in Equity Residential by 1.6% during the second quarter. American International Group Inc. now owns 147,252 shares of the real estate investment trust’s stock worth $11,179,000 after acquiring an additional 2,260 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Equity Residential by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 185,824 shares of the real estate investment trust’s stock worth $14,108,000 after acquiring an additional 3,030 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Equity Residential by 7.5% during the second quarter. Mackenzie Financial Corp now owns 71,534 shares of the real estate investment trust’s stock worth $5,431,000 after acquiring an additional 5,021 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in Equity Residential during the second quarter worth about $301,000. 88.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of EQR stock traded down $0.81 during mid-day trading on Monday, reaching $84.55. The stock had a trading volume of 1,442,390 shares, compared to its average volume of 1,355,845. The stock’s 50-day moving average price is $82.23 and its two-hundred day moving average price is $77.71. Equity Residential has a 52-week low of $62.40 and a 52-week high of $87.09. The firm has a market capitalization of $31.44 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 4.11 and a beta of 0.49. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.88.

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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