CHICAGO - Equity Residential (NYSE: NYSE:EQR), a real estate investment trust (REIT) and member of the S&P 500, has declared quarterly dividends for its common and preferred shares. The company announced a regular common share dividend of $0.675 per share for the third quarter, payable on October 11, 2024, to shareholders of record as of September 24, 2024.
Additionally, holders of the company's Series K Preferred Shares can expect a quarterly dividend of $1.03625 per share, which is scheduled for payment on September 30, 2024, to shareholders on record by September 20, 2024.
Equity Residential specializes in the acquisition, development, and management of residential properties. With a portfolio that includes 312 properties and 84,018 apartment units, the company has a significant presence in several major cities across the United States, catering to affluent long-term renters. Its properties are primarily situated in urban areas like Boston, New York, Washington, D.C., Seattle, San Francisco, and Southern California, with growing markets in Denver, Atlanta, Dallas/Ft. Worth, and Austin.
This announcement is based on a press release statement from Equity Residential.
In other recent news, Equity Residential issued $600 million in 4.650% notes due 2034 through its operating partnership, ERP Operating Limited Partnership, partnering with firms such as Barclays Capital Inc., BofA Securities, Inc., and Deutsche Bank Securities Inc. The company also reported an increase in same-store revenues and net operating income by 2.9% and 3%, respectively. Additionally, Equity Residential's normalized funds from operations per share rose by 3.2%.
The company made a strategic move by agreeing to purchase 11 apartment properties from various Blackstone (NYSE:BX) real estate funds for approximately $964 million. In analyst news, Deutsche Bank upgraded Equity Residential's stock from Hold to Buy, following a review of the company's second-quarter performance. Citi raised its price target on Equity Residential shares to $74.00, maintaining a Neutral rating, while CFRA increased their price target for Equity Residential to $85.00, keeping a Buy rating.
However, Wells Fargo downgraded the stock from Overweight to Equal Weight, while raising the price target to $77.00. Goldman Sachs initiated coverage with a Neutral rating and a price target of $81.00. These are some of the recent developments for Equity Residential.
InvestingPro Insights
Equity Residential (NYSE: EQR) has been a consistent performer in the residential REIT sector, and recent data from InvestingPro provides insights into the company's financial health and market performance. With a market capitalization of $30.48 billion, Equity Residential stands as a significant player in its industry. The company's stock is trading at a high P/E ratio of 30.84, indicating investor confidence in its earnings potential despite the ratio being elevated relative to near-term earnings growth.
InvestingPro Tips highlight Equity Residential's low price volatility, a characteristic that might appeal to investors looking for stability in their portfolio. Additionally, the company has maintained dividend payments for an impressive 32 consecutive years, underscoring its commitment to shareholder returns. This is particularly noteworthy considering the company's short-term obligations exceed its liquid assets, which could be a point of consideration for investors looking at the company's liquidity position.
In terms of performance, Equity Residential has experienced a strong return over the last three months, with a 3-month price total return of 18.47%. This is further supported by a robust gross profit margin of 63.76% over the last twelve months as of Q2 2024, reflecting efficient operations and a solid grasp on cost management.
For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 10 tips in total available on the Equity Residential page at https://www.investing.com/pro/EQR, providing a comprehensive overview of the company's financial metrics and investment potential.
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