Equity Residential (NYSE:EQR)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Friday, Stock Ratings Network reports. They currently have a $57.00 target price on the stock. Zacks‘ price target would suggest a potential upside of 4.49% from the stock’s previous close.
Zacks‘ analyst wrote, “Equity Residential’s core FFO per share in second-quarter 2013 was in line with the Zacks Consensus Estimate and up year over year, primarily driven by higher same store net operating income and the benefit from stabilized Archstone properties, partly offset by the negative impact from disposition activity, common share issuance for the Archstone deal and elevated interest expense. Going forward, we believe its focus on expansion in the high barrier-to-entry regions in the U.S. will drive its top-line growth. The Archstone acquisition further reinforces that. Also, the echo boomers population continues to raise the demand for apartments. Alongside, with a decent balance sheet position, the company is well poised to capitalize on this favorable trend through acquisitions and developments. But this continuous acquisition spree involves significant upfront expenses that drag down near-term profitability till the properties get established. The company also has a decent exposure to the Washington DC market, which is expected to experience a rise in new supply, leading to a challenge for base rent growth going forward. “
A number of other firms have also recently commented on EQR. Analysts at Argus cut their price target on shares of Equity Residential (NYSE:EQR) from $68.00 to $65.00 in a research note to investors on Wednesday, September 18th. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Equity Residential (NYSE:EQR) in a research note to investors on Friday, September 13th. They now have a $57.00 price target on the stock, down previously from $63.00. Finally, analysts at Cowen and Company cut their price target on shares of Equity Residential (NYSE:EQR) from $60.00 to $52.00 in a research note to investors on Thursday, September 12th. They now have a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $60.67.
Shares of Equity Residential (NYSE:EQR) opened at 54.55 on Friday. Equity Residential has a 1-year low of $50.24 and a 1-year high of $60.97. The stock’s 50-day moving average is $53.34 and its 200-day moving average is $56.19. The company has a market cap of $19.656 billion and a price-to-earnings ratio of 9.27.
Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.71. The company had revenue of $635.10 million for the quarter, compared to the consensus estimate of $616.09 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 41.7% on a year-over-year basis. Analysts expect that Equity Residential will post $2.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 11th. Shareholders of record on Monday, September 23rd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Thursday, September 19th.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.