Equity Residential (EQR), valued at a market cap of $25.6 billion, is a fully integrated multi-family real estate investment trust (REIT) that focuses on the acquisition, development, and management of residential properties located in and around dynamic cities across the country that attract affluent long-term renters. The Chicago, Illinois-based company is expected to announce its fiscal Q4 earnings results on Feb. 4.
Ahead of this event, analysts project the REIT to report an FFO of $1 per share, flat from the year-ago quarter. The company has beaten or met Wall Street’s FFO estimates in all of the last four quarters.
For fiscal 2024, analysts expect EQR to report an FFO of $3.89 per share, up 2.9% from $3.78 in fiscal 2023. Moreover, FFO is expected to increase 3.3% year-over-year to $4.02 per share in fiscal 2025.
Shares of EQR have gained 9.4% over the past 52 weeks, lagging behind both the S&P 500 Index’s ($SPX) 24.4% rise but surpassing the Real Estate Select Sector SPDR Fund’s (XLRE) marginal return over the same period.
Shares of EQR fell 4.8% following its Q3 earnings release on Oct. 30. The company reported an FFO per share of $0.98, matching Wall Street’s expectations. Its revenue of $748.3 million toppled Street forecasts.
Analysts’ consensus view on Equity Residential’s stock is cautiously optimistic, with a “Moderate Buy” rating overall. Among 27 analysts covering the stock, 11 recommend “Strong Buy,” one suggests “Moderate Buy,” and 15 indicate a “Hold” rating. This configuration is slightly more bullish than a month ago, with ten analysts suggesting a “Strong Buy.”
The average analyst price target for EQR is $78.89, indicating a 16.8% potential upside from the current levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart