Wednesday, January 31, 2024 - Equity Residential (EQR) reported upside earnings and revenues today.
Equity Residential's earnings came in at an EPS of $1 per share. The firm's earnings are up 6% since reporting $0.94 per share in the same period a year ago.
Analyst projections for Equity Residential revenue came in at a consensus of $725 million. Fourth-Quarter revenues surpassed estimates for $727.5 million by $2.5 million (0%). The company achieved 4% growth year-over-year compared to the firm's revenue of $699.7 million from the year-ago quarter. The higher earnings growth relative to revenue signals Equity Residential has improved its profit margin.
The stock is up 3.05% to $61.14 after the report.
Equity Residential's earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Equity Residential a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 50. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Equity Residential owns a portfolio of 310 apartment communities with around 80,000 units and is developing three additional properties with 1,136 units. The company focuses on owning large, high-quality properties in the urban and suburban submarkets of Southern California, San Francisco, Washington, D.C., New York, Seattle, and Boston.