Equity Residential (NYSE:EQR) Stock, Quote.Headers.trade-ideas

Equity Residential

Equity Residential owns a portfolio of 299 apartment communities with around 80,000 units and is developing three additional properties with 977 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.

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Equity Residential Common Shares of Beneficial Interest

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On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said he likes Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and recommended <a href="https://www.benzinga.com/quote/PFE/analyst-ratings">buying more of the stock.</a>
On Sept. 16, Cantor Fitzgerald analyst Louise Chen reiterated Pfizer with an Overweight rating and maintained a $45 price target.
&#8220;Six Flags (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUN#NYSE">FUN</a>), I don't know, it feels like it's two flags,&#8221; Cramer said. &#8220;This has just been a merger from hell. I'm not really into the stock.&#8221;
On Sept. 16, JPMorgan analyst Matthew Boss maintained Six Flags Entertainment with an Underweight rating and lowered the price target from $48 to $43.
Cramer said he likes First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), adding that it is an &#8220;up stock.&#8221;
On Sept. 16, BofA Securities analyst Julien Dumoulin-Smith maintained First Solar with a Buy and raised the price target from $320 to $343.
The &#8220;Mad Money&#8221; host said Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) is an &#8220;amazing&#8221; stock, and added that it's a &#8220;total winner.&#8221;
On Sept. 16, several analysts, including, Scotiabank, Evercore ISI Group and JPMorgan, raised their price targets on the stock.
Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) has been a &#8220;big disappointment,&#8221; Cramer said.
Moderna announced on Tuesday that Health Canada approved its vaccine, SPIKEVAX, which aids in preventing COVID-19 in people six months of age or older.
&#8220;On a pullback, absolutely,&#8221; Cramer said when asked about Vertiv Holdings Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>). &#8220;I think it's a winner.&#8221;
On Sept. 11, Vertiv named Frank Poncheri as chief human resources officer.
Cramer said Powell Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>) is a buy.
On July 30, Powell Industries reported better-than-expected third-quarter GAAP EPS and sales results.
Price Action:
<ul>
<li>Pfizer shares slipped 0.8% to settle at $29.83 on Tuesday.</li>
<li>Powell shares rose 2.5% to close at $174.44 during the session.</li>
<li>First Solar shares rose 2.9% to close at $239.98 during Tuesday's session.</li>
<li>Six Flags shares gained 2.3% to settle at $41.52.</li>
<li>Equity Residential shares fell 0.6% to close at $77.34 on Tuesday.</li>
<li>Moderna shares gained 4.1% to settle at $71.99 on Tuesday.</li>
<li>Vertiv shares gained 0.4% to close at $87.29.</li>
</ul>
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Photo: s_bukley/Shutterstock.com

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Scotiabank analyst Nicholas Yulico maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Sector Perform and raises the price target from $77 to $81.

Scotiabank Maintains Sector Perform on Equity Residential, Raises Price Target to $81

Evercore ISI Group analyst Steve Sakwa maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a In-Line and raises the price target from $75 to $76.

Evercore ISI Group Maintains In-Line on Equity Residential, Raises Price Target to $76

In the preceding three months, 15 analysts have released ratings for Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), presenting a wide array of perspectives from bullish to bearish.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Equity Residential and provided 12-month price targets. The average target is $77.8, accompanied by a high estimate of $85.00 and a low estimate of $73.00. This current average reflects an increase of 9.47% from the previous average price target of $71.07. 
<img src="https://www.benzinga.com/files/images/story/2024/1726498869_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The perception of Equity Residential by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Anthony Paolone</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$80.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Derek Johnston</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Buy</td>
<td>$83.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>Steve Sakwa</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$75.00</td>
<td>$74.00</td>
</tr>
<tr>
<td>Julien Blouin</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Neutral</td>
<td>$81.00</td>
<td>-</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$77.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>Steve Sakwa</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$74.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$77.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>James Feldman</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$77.00</td>
<td>$69.00</td>
</tr>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$73.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Richard Anderson</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$75.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Brad Heffern</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$75.00</td>
<td>$74.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Brent Dilts</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$82.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$73.00</td>
<td>$67.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Equity Residential. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Equity Residential compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Equity Residential's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Equity Residential's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/EQR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Equity Residential analyst ratings.</a>
<h2>Discovering Equity Residential: A Closer Look</h2>
Equity Residential owns a portfolio of 299 apartment communities with around 80,000 units and is developing three additional properties with 977 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.
<h3>Equity Residential's Financial Performance</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Revenue Growth: Equity Residential's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 2.35%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 24.13%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Equity Residential's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 1.61%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Equity Residential's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.89% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Equity Residential's debt-to-equity ratio is below the industry average at 0.68, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>Analyst Ratings: What Are They?</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Unveiling 15 Analyst Insights On Equity Residential

JP Morgan analyst Anthony Paolone maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Neutral and raises the price target from $68 to $80.

JP Morgan Maintains Neutral on Equity Residential, Raises Price Target to $80

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
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<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5846fffaee7bf6000154d141/patrick-walravens">JMP Securities analyst Patrick Walravens</a> upgraded the rating for Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) from Market Perform to Market Outperform and announced a price target of $175. Oracle shares fell 1.4% to close at $139.89 on Monday. <a href="https://www.benzinga.com/quote/ORCL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities analyst Andrew Obin upgraded Johnson Controls International plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>) from Neutral to Buy and boosted the price target from $76 to $80. Johnson Controls shares gained 1.1% to close at $68.60 on Monday. <a href="https://www.benzinga.com/quote/JCI/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://widgets.benzinga.com/analyst-stock-ratings/analyst/5b7ebff5211e20000150e52d/derek-johnston">Deutsche Bank analyst Derek Johnston</a> upgraded the rating for Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) from Hold to Buy and boosted the price target from $62 to $83. Equity Residential shares gained 1% to close at $75.10 on Monday. <a href="https://www.benzinga.com/quote/EQR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan analyst John Royall upgraded Delek US Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DK#NYSE">DK</a>) from Underweight to Neutral and raised the price target from $23 to $26. Delek US shares fell 3.9% to close at $18.75 on Monday. <a href="https://www.benzinga.com/quote/DK/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/604b72e78b50090001072408/akash-tewari">Jefferies analyst Akash Tewari</a> upgraded Relay Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RLAY#NASDAQ">RLAY</a>) from Hold to Buy and increased the price target from $10.6 to $16. Relay Therapeutics shares gained 52.4% to close at $9.51 on Monday. <a href="https://www.benzinga.com/quote/RLAY/analyst-ratings">See how other analysts view this stock.</a></li>
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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
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<li>TD Cowen raised the price target for Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) from $165 to $180. TD Cowen analyst Derrick Wood maintained a Buy rating. Oracle shares fell 1.4% to close at $139.89 on Monday. <a href="https://www.benzinga.com/quote/ORCL/analyst-ratings">See how other analysts view this stock.</a></li>
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<li>JMP Securities raised Terns Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TERN#NASDAQ">TERN</a>) price target from $15 to $20. JMP Securities analyst Silvan Tuerkcan maintained a Market Outperform rating. Terns Pharmaceuticals shares gained 16.8% to close at $9.12 on Monday. <a href="https://www.benzinga.com/quote/TERN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities raised Johnson Controls International plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>) price target from $76 to $80. B of A Securities analyst Andrew Obin upgraded the stock from Neutral to Buy. Johnson Controls shares gained 1.1% to close at $68.60 on Monday. <a href="https://www.benzinga.com/quote/JCI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>BMO Capital cut the price target for Rubrik, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) from $40 to $38. BMO Capital analyst Keith Bachman maintained an Outperform rating. Rubrik shares rose 4.4% to close at $32.06 on Monday. <a href="https://www.benzinga.com/quote/RVRK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Redburn Atlantic boosted Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) price target from $860 to $890. Redburn Atlantic analyst Daniela Nedialkova downgraded the stock from Buy to Neutral. Costco shares gained 2.3% to close at $896.49 on Monday. <a href="https://www.benzinga.com/quote/COST/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised IDEAYA Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDYA#NASDAQ">IDYA</a>) price target from $63 to $68. Stifel analyst Benjamin Burnett maintained a Buy rating. IDEAYA Biosciences shares rose 0.7% to close at $36.45 on Monday. <a href="https://www.benzinga.com/quote/IDYA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird increased the price target for Axon Enterprise, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>) from $360 to $400. Baird analyst William Power maintained an Outperform rating. Axon Enterprise shares gained 2.8% to close at $364.39 on Monday. <a href="https://www.benzinga.com/quote/AXON/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Deutsche Bank boosted Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) price target from $62 to $83. Deutsche Bank analyst Derek Johnston upgraded the stock from Hold to Buy. Equity Residential shares gained 1% to close at $75.10 on Monday. <a href="https://www.benzinga.com/quote/EQR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Loop Capital boosted News Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWSA#NASDAQ">NWSA</a>) price target from $38 to $39. Loop Capital analyst Alan Gould maintained a Buy rating. News Corporation shares gained 0.1% to close at $26.60 on Monday. <a href="https://www.benzinga.com/quote/NWSA/analyst-ratings">See how other analysts view this stock.</a></li>
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Deutsche Bank analyst Derek Johnston upgrades Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) from Hold to Buy and raises the price target from $62 to $83.

Deutsche Bank Upgrades Equity Residential to Buy, Raises Price Target to $83

Evercore ISI Group analyst Steve Sakwa maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a In-Line and raises the price target from $74 to $75.

Evercore ISI Group Maintains In-Line on Equity Residential, Raises Price Target to $75

The Company is finishing its primary leasing season with healthy demand and pricing for its apartment units. The Company continues to expect to produce Blended Rate growth of&nbsp;2.0%&nbsp;to&nbsp;3.0%&nbsp;for the&nbsp;third quarter&nbsp;of 2024 and Physical Occupancy of&nbsp;96.2%&nbsp;for the full year 2024.

Guidance

Equity Residential Says Same Store Revenue Growth Remains On Track Within Guidance Range As Described In Its Recent Q2 Earnings Release

Goldman Sachs analyst Julien Blouin initiated coverage of several multifamily REITs and single-family rental REITs companies.
Initiating with a Buy rating, the analyst kept the price target for Invitation Homes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>) <a target="_blank" href="https://www.benzinga.com/quote/INVH/analyst-ratings" rel="noreferrer noopener">at $46</a>,&nbsp;&nbsp;Mid-America Apartment Communities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAA#NYSE">MAA</a>) <a target="_blank" href="https://www.benzinga.com/quote/MAA/analyst-ratings" rel="noreferrer noopener">at $187</a> and American Homes 4 Rent (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMH#NYSE">AMH</a>) <a target="_blank" href="https://www.benzinga.com/quote/amh/analyst-ratings" rel="noreferrer noopener">at $48.</a>
The analyst says that for single-family REITs like AMH and INVH, strong demand driven by demographics, home affordability, and migratory trends is expected to lead to re-accelerating same-store revenue growth in 2025 and 2026 as competitive rental supply pressures ease.
In particular, the analyst expects AMH and INVH to experience the highest same-store revenue growth among their covered stocks in 2025. Additionally, Blouin says that AMH&#8217;s upcoming development projects will enable the company to achieve superior external growth.
On the other hand, Blouin started coverage at a Neutral rating on Camden Property Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPT#NYSE">CPT</a>), Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), and Essex Property Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>), with a price target of <a target="_blank" href="https://www.benzinga.com/quote/cpt/analyst-ratings" rel="noreferrer noopener">$139</a>, <a target="_blank" href="https://www.benzinga.com/quote/eqr/analyst-ratings" rel="noreferrer noopener">$81</a> and <a target="_blank" href="https://www.benzinga.com/quote/ess/analyst-ratings" rel="noreferrer noopener">$318</a>, respectively.
The analyst expects rent growth in ESS's markets to stay strong, driven by improving migration trends in the company's suburban areas (~60% of exposure based on GS estimates, 47% per CoStar).
However, they anticipate that EQR to encounter a significant supply challenge in its urban submarkets.
Apart from this, the analyst initiated coverage on UDR, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDR#NYSE">UDR</a>) at a Sell rating, <a target="_blank" href="https://www.benzinga.com/quote/UDR/analyst-ratings" rel="noreferrer noopener">with a price target of $42</a>.
For UDR, Blouin expects solid rent growth for UDR, driven by improving migration in suburban areas (~70% exposure per GS and UDR's estimates, ~50% according to CoStar). This will be partially offset by outmigration from urban areas (~30% of the portfolio).
Also, same-store expense growth is projected to be in the low 4% range, about 100 basis points above consensus, adds the analyst.
Overall, the analyst writes that in residential REIT sector, declining supply is creating a favorable growth environment. For Sunbelt multifamily REITs, while suburban migration is moderating, Blouin anticipates a sharper decline in supply, which will drive accelerating same-store revenue growth.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

Equities

Large Cap

Mid Cap

REIT

Initiation

INVH

Multifamily REITs Set For Revenue Boost As Supply Pressures Ease, Says Goldman Sachs

Goldman Sachs analyst Julien Blouin initiates coverage on Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Neutral rating and announces Price Target of $81.

Goldman Sachs Initiates Coverage On Equity Residential with Neutral Rating, Announces Price Target of $81

Truist Securities analyst Michael Lewis maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Buy and raises the price target from $73 to $77.

Truist Securities Maintains Buy on Equity Residential, Raises Price Target to $77

Evercore ISI Group analyst Steve Sakwa maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a In-Line and raises the price target from $70 to $74.

Evercore ISI Group Maintains In-Line on Equity Residential, Raises Price Target to $74

In the latest quarter, 12 analysts provided ratings for Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $74.83, a high estimate of $85.00, and a low estimate of $64.00. Surpassing the previous average price target of $70.08, the current average has increased by 6.78%.
<img src="https://www.benzinga.com/files/images/story/2024/1724695232_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
A comprehensive examination of how financial experts perceive Equity Residential is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$77.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>James Feldman</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$77.00</td>
<td>$69.00</td>
</tr>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$73.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Richard Anderson</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$75.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Brad Heffern</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$75.00</td>
<td>$74.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Brent Dilts</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$82.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$73.00</td>
<td>$67.00</td>
</tr>
<tr>
<td>Anthony Paolone</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$68.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>James Feldman</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$69.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Vikram Malhorta</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$64.00</td>
<td>$61.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Equity Residential. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Equity Residential compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Equity Residential's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Equity Residential's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/EQR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Equity Residential analyst ratings.</a>
<h2>Get to Know Equity Residential Better</h2>
Equity Residential owns a portfolio of 302 apartment communities with around 80,000 units and is developing two additional properties with 537 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.
<h3>Equity Residential: Financial Performance Dissected</h3>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
Revenue Growth: Over the 3 months period, Equity Residential showcased positive performance, achieving a revenue growth rate of 2.35% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Real Estate sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 24.13%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Equity Residential's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 1.61% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Equity Residential's ROA stands out, surpassing industry averages. With an impressive ROA of 0.89%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: With a below-average debt-to-equity ratio of 0.68, Equity Residential adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>What Are Analyst Ratings?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Peeling Back The Layers: Exploring Equity Residential Through Analyst Insights

Scotiabank analyst Nicholas Yulico maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Sector Perform and raises the price target from $73 to $77.

Scotiabank Maintains Sector Perform on Equity Residential, Raises Price Target to $77

Wells Fargo analyst James Feldman downgrades Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) from Overweight to Equal-Weight and raises the price target from $69 to $77.

Downgrades

Wells Fargo Downgrades Equity Residential to Equal-Weight, Raises Price Target to $77

Scotiabank analyst Nicholas Yulico maintains Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) with a Sector Perform and raises the price target from $72 to $73.

Scotiabank Maintains Sector Perform on Equity Residential, Raises Price Target to $73

Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading higher after it inked a deal with Equity Residential&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), which will acquire 11 apartment <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40220188/equity-residential-to-acquire-1-billion-apartment-portfolio-from-blackstone-real-estate" rel="noreferrer noopener">properties for around $964 million</a>.
Equity Residential&nbsp;will acquire the apartment&nbsp;properties from Blackstone Real Estate strategies, including Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners.
The portfolio includes four properties with 1,357 units in Atlanta, four properties with 1,237 units in Dallas/Ft. Worth, and three properties with 978 units in Denver.
The transactions, subject to customary closing conditions, are expected to be completed in the third quarter of 2024.
Alec Brackenridge, Equity Residential&#8217;s Executive Vice President and Chief Investment Officer, said, &#8220;This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship.&#8221;
Asim Hamid, Senior Managing Director at Blackstone Real Estate, commented, &#8220;This transaction represents an excellent outcome for our investors and demonstrates the strong institutional demand for high quality assets. Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets.&#8221;
Apart from this, Blackstone agreed to a majority investment <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40217592/blackstone-energy-transition-partners-announces-majority-investment-in-westwood-professional-servi" rel="noreferrer noopener">in Westwood Professional Services, Inc. for undisclosed terms</a>.
Blackstone will acquire its position in Westwood from Endurance Partners, with Westwood&#8217;s management team and employee shareholders maintaining a minority stake.
With a team of more than 1,600 employees, Westwood provides front-end engineering design services supporting the development of renewable energy generation, investment in the power grid and the continued buildout of public and private infrastructure across the U.S.
As of June 30, Equity Residential&#8217;s cash and cash equivalents stood at $138.4 million.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Also Read:&nbsp;&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39844898/blackstone-hits-two-year-investment-peak-anticipates-fed-rate-cuts-amid-easing-inflation-report" rel="noreferrer noopener">Blackstone Hits Two-Year Investment Peak, Anticipates Fed Rate Cuts Amid Easing Inflation: Report</a>
Price Action: BX shares are up 0.33% at $130.74 at the last check Wednesday.&nbsp;&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/news/24/07/39865005/these-analysts-increase-their-forecasts-on-blackstone-following-q2-results" target="_blank" rel="noreferrer noopener">These Analysts Increase Their Forecasts On Blackstone Following Q2 Results</a></li>
</ul>

Asset Sales

PowerShares Listed Private Equity Portfolio

Blackstone Sells $964M Apartment Portfolio To Equity Residential

In the last three months, 13 analysts have published ratings on Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), offering a diverse range of perspectives from bullish to bearish.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Equity Residential and provided 12-month price targets. The average target is $73.69, accompanied by a high estimate of $85.00 and a low estimate of $64.00. Surpassing the previous average price target of $69.42, the current average has increased by 6.15%.
<img src="https://www.benzinga.com/files/images/story/2024/1722891635_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A comprehensive examination of how financial experts perceive Equity Residential is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Richard Anderson</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$75.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Brad Heffern</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$75.00</td>
<td>$74.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Brent Dilts</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$82.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$80.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$73.00</td>
<td>$67.00</td>
</tr>
<tr>
<td>Anthony Paolone</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$68.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>James Feldman</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$69.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Vikram Malhorta</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$64.00</td>
<td>$61.00</td>
</tr>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$72.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Adam Kramer</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$70.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Brent Dilts</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$75.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>Steve Sakwa</td>
<td>Evercore ISI Group</td>
<td>Announces</td>
<td>In-Line</td>
<td>$70.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Equity Residential. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Equity Residential compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Equity Residential's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Equity Residential's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/EQR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Equity Residential analyst ratings.</a>
<h2>Unveiling the Story Behind Equity Residential</h2>
Equity Residential owns a portfolio of 302 apartment communities with around 80,000 units and is developing two additional properties with 537 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.
<h3>Equity Residential's Economic Impact: An Analysis</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Revenue Growth: Equity Residential displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 2.35%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Equity Residential's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 24.13%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 1.61%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Equity Residential's ROA stands out, surpassing industry averages. With an impressive ROA of 0.89%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Equity Residential's debt-to-equity ratio is below the industry average at 0.68, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>How Are Analyst Ratings Determined?</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

The Analyst Landscape: 13 Takes On Equity Residential

Truist Financial analyst Michael Lewis maintained a Buy rating on Equity Residential (EQR – Research Report) yesterday and set a price target of $7...

Equity Residential (EQR) Gets a Buy from Truist Financial

The residential housing market is thriving, driven by its rising demand, lower mortgage levels, and shifting demographics. Thus, one could watch out for leading residential REITs Equity Residential (EQR), AvalonBay (AVB), and Essex Property (ESS) for solid gains. Read on… With increasing population levels, urbanization, and shifting demographics boosting demand for new housing, the residential construction sector is expanding robustly. Additionally, a growing desire for modern, energy-efficient homes is growing, further accelerating the sector's expansion.
Therefore, with the industry's tailwinds, it could be wise to keep an eye on fundamentally sound residential REITs, Equity Residential (<a href="https://stocknews.com/stock/EQR/">EQR</a>), AvalonBay Communities, Inc. (<a href="https://stocknews.com/stock/AVB/">AVB</a>), and Essex Property Trust, Inc. (<a href="https://stocknews.com/stock/ESS/">ESS</a>) amid rising housing demand.
One of the great things about investing in REITs is that they're known for delivering steady, high dividend payouts. Thanks to long-term tenant leases and a rule that requires them to distribute at least <a href="https://www.reit.com/investing/investment-benefits-reits/reits-and-dividend-income">90% of their taxable income</a> as dividends, one can count on them for reliable returns.
Plus, the sector is poised to benefit significantly from current market dynamics. With mortgage levels dropping to their <a href="https://www.forbes.com/advisor/mortgages/mortgage-rates/#:~:text=Mortgage%20rates%20took%20a%20tumble%20this%20summer%2C%20hitting,we%20move%20through%20the%20second%20half%20of%202024.">lowest in nearly 15 months</a>, the demand for housing has been on the rise. Additionally, despite high interest rates, the Federal Reserve's potential rate cut this month could further boost the industry's growth prospects.
That said, privately-owned housing completions in July reached an annual rate of 1,529,000, marking <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf">a 13.8% increase</a> from July 2023. Single-family housing completions were at a rate of 1,054,000, up 0.5% from the revised June rate of 1,049,000.
According to Statista, the residential real estate market in the United States is projected to reach a value of <a href="https://www.statista.com/outlook/fmo/real-estate/residential-real-estate/united-states">$106.70 trillion by 2024</a>. This projection shows a steady annual growth rate of 3.6% from 2024 to 2029, with an anticipated market volume of $127.40 trillion by 2029.
Considering all these factors, let us now discuss the fundamentals of three <a href="https://stocknews.com/category/reits-residential/">REITs – Residential</a> stocks, starting with number #3.
Stock #3: Equity Residential (<a href="https://stocknews.com/stock/EQR/">EQR</a>)
EQR focuses on acquiring, developing, and managing multifamily residential properties, primarily generating rental and related income by leasing apartment units. The company owns 302 properties across ten states and the District of Columbia, comprising 80,191 apartment units.
On August 7, EQR agreed to <a href="https://investors.equityapartments.com/news-events/press-releases-news/news-details/2024/Equity-Residential-to-Acquire-1-Billion-Apartment-Portfolio-from-Blackstone-Real-Estate/default.aspx">acquire 11 apartment properties</a> from Blackstone Inc. (<a href="https://stocknews.com/stock/BX/">BX</a>), a global frontrunner in real estate investing, for around $964 million. The acquisition, which includes 3,572 apartment units in Atlanta, Dallas/Ft. Worth, and Denver, enhances EQR's presence in expanding markets.
The high-quality properties could drive growth and financial performance through increased rental income and strategic market positioning.
On July 19, EQR <a href="https://investors.equityapartments.com/news-events/press-releases-news/news-details/2024/Harbor-Steps-Staircase-Plaza-Grand-Reopening/default.aspx">re-opened the staircase plaza</a> at Harbor Steps Apartments in Seattle after extensive renovations. The revitalized public plaza, connecting downtown to the Seattle Waterfront, now features 30,000 square feet of retail space, dining options, and commercial office space.
The upgrade is expected to boost EQR's community engagement and commercial appeal.
In addition, on June 20, EQR declared a<a href="https://investors.equityapartments.com/news-events/press-releases-news/news-details/2024/Equity-Residential-Declares-Second-Quarter-Dividends/default.aspx"> quarterly cash dividend of $0.675</a> per share for the second quarter of 2024. Paid on July 12, 2024, to stockholders of record on July 1, 2024, this underscores EQR's commitment to shareholder value and financial stability.
EQR pays an annual dividend of $2.70, which translates to a yield of 3.61% at the current price level. Moreover, the company has raised its dividends at a CAGR of 3.9% over the past five years, while its four-year average dividend yield is 3.69%.
For the fiscal 2024 second quarter that ended June 30, 2024, EQR's rental income increased 2.3% year-over-year to $734.16 million. Its net income available to common shares and units grew 27.4% from the year-ago value to $182.13 million. Plus, normalized FFO available to common shares and units came in at $380.14 million or $0.97 per share, up 2.9% and 3.2% year-over-year, respectively.
Analysts expect EQR's revenue for the fiscal third quarter (ending September 2024) to increase 2.4% year-over-year to $741.60 million. Meanwhile, its <a href="https://www.investopedia.com/terms/f/fundsfromoperation.asp">FFO</a> for the same quarter is expected to grow 2.2% from the prior year's period to $0.98. Furthermore, the company surpassed the consensus FFO estimates in three of the trailing four quarters.
Shares of EQR have surged 17.2% in the past three months and 24.4% in the past nine months to close the last trading session at $74.88.
EQR's prospects are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
EQR has a B grade for Sentiment, Stability, and Momentum. The stock is ranked #8 among 20 stocks within the <a href="https://stocknews.com/category/reits-residential/">REITs – Residential</a> industry.
To see the other ratings of EQR for Growth, Quality, and Value, <a href="https://stocknews.com/stock/EQR/">click here</a>.
Stock #2: AvalonBay Communities, Inc. (<a href="https://stocknews.com/stock/AVB/">AVB</a>)
AVB holds direct or indirect ownership in around 279 operating apartment communities with over 83,655 apartment homes across 12 states and the District of Columbia. Additionally, 19 wholly-owned communities are under development. The company operates under four core brands: Avalon, AVA, eaves by Avalon, and Kanso.
During the three months ended June 30, 2024, AVB acquired Avalon at Pier 121 in Lewisville, TX. The wholly-owned community, featuring 300 apartment homes, was <a href="https://d1io3yog0oux5.cloudfront.net/_a1bb95be1d8d3844fe06414c2d44ff2d/avalonbay/db/2294/21721/earnings_release/Q2+2024+Earnings+Release.pdf">purchased for $62.1 million</a>. This acquisition strengthens the company's market presence and adds substantial value to its portfolio.
In July, AVB expanded its holdings by acquiring two wholly-owned communities: Avalon Perimeter Park in Morrisville, NC, with 262 apartment homes for $66.5 million, and Avalon Cherry Hills in Englewood, CO, with 306 apartment homes for $95 million. These acquisitions enhance growth potential and diversify the company's asset base.
On May 16, AVB's board of directors declared a <a href="https://investors.avalonbay.com/news-events/press-releases/detail/395/avalonbay-communities-inc-declares-second-quarter-2024-dividends">quarterly cash dividend of $1.70</a> per common stock for the second quarter of 2024. This dividend was paid on July 15, 2024, to all common stockholders of record as of June 28, 2024. This shows AVB's commitment to generating income for its shareholders.
AVB pays an annual dividend of $6.80, which translates to a yield of 3.01% at the current price level. The company has raised its dividends at a CAGR of 2.3% over the past five years, and its four-year average dividend yield is 3.39%.
For the fiscal 2024 second quarter that ended June 30, 2024, AVB's total revenue increased 5.1% year-over-year to $726.04 million. The company's core FFO came in at $394.57 million or $2.77 per share, indicating increases of 4.3% and 4.1% year-over-year, respectively.
In addition, as of June 30, 2024, AVB's cash and cash equivalents stood at $545.77 million compared to $397.89 million on December 31, 2023.
For the fiscal third quarter ending September 2024, AVB's revenue and FFO are expected to increase 5.4% and 2.6% year-over-year to $733.33 million and $2.73, respectively. Moreover, the company topped the consensus revenue estimates in each of the trailing four quarters, which is impressive.
Shares of AVB have gained 18.8% over the past three months and 30.5% over the past nine months to close the trading session at $225.73.
AVB's fundamentals are mirrored in its POWR Ratings. The stock has an A grade for Sentiment and a B grade for Stability and Momentum.
Within the REITs – Residential industry, AVB is ranked #3 out of 20 stocks.
In addition to the POWR Ratings highlighted above, you can check AVB's ratings for Growth, Value, and Quality <a href="https://stocknews.com/stock/AVB/">here</a>.
Stock #1: Essex Property Trust, Inc. (<a href="https://stocknews.com/stock/ESS/">ESS</a>)
ESS owns interests in 256 operating apartment communities, totaling 63,480 apartment homes. The company operates through three segments: California; Northern California; and Seattle Metro. It focuses on acquiring and developing apartment communities in supply-constrained markets while redeveloping its existing properties to enhance value.
On March 25, ESS acquired its <a href="https://s203.q4cdn.com/488215793/files/doc_news/2024/03/bexaew-announcement-2024.pdf">joint venture partner's 49.9% interest</a> in the BEXAEW portfolio for $505 million. The portfolio, consisting of four properties with 1,480 apartment homes, initially had a 5.25% cap rate.
After integration, ESS anticipates a 5.9% year-one yield and an 11.4% IRR. ESS will also recognize $1.5 million in promote income, which will be excluded from Core FFO. The acquisition could enhance growth by expanding the portfolio, improving profitability, and boosting financial performance.
On May 15, ESS declared a regular <a href="https://s203.q4cdn.com/488215793/files/doc_news/2024/May/15/2q24-dividend-announcement.pdf">quarterly cash dividend of $2.45</a> per common share for the second quarter. The dividend, payable on July 12, 2024, will be distributed to shareholders of record as of June 28, 2024. The announcement reflects ESS's commitment to returning value to its investors.
ESS has increased its dividends for 29 consecutive years. It pays an annual dividend of $9.80, which translates to a yield of 3.25% at the current price level. Moreover, the company has raised its dividends at a CAGR of 4.6% over the past five years, while its four-year average dividend yield is 3.41%.
ESS's revenues for the fiscal 2024 second quarter, which ended on June 30, 2024, came in at $442.36 million, indicating an increase of 6.3% year-over-year. Its core funds from operations attributable to common stockholders and unitholders were reported to be $261.97 or $3.94 per share, showing increments of 4.6% and 4.5% year-over-year, respectively.
The consensus revenue and FFO estimates of $445.58 million and $3.86 for the fiscal third quarter ending September 2024 exhibit a year-over-year rise of 7% and 2.2%, respectively. Moreover, the company has surpassed the consensus FFO estimates in all four trailing quarters.
Shares of ESS have gained 18.1% over the past three months and 41.4% over the past nine months to close the trading session at $301.79.
ESS' fundamentals are echoed in its POWR Ratings. The stock has a B grade for Stability, Sentiment, and Momentum.
Within the REITs – Residential industry, ESS is ranked #2 out of 20 stocks. Beyond what is stated above, we've also rated ESS for Value, Quality, and Growth. Get all ESS ratings <a href="https://stocknews.com/stock/ESS/">here</a>.
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AVB shares were unchanged in premarket trading Tuesday. Year-to-date, AVB has gained 22.73%, versus a 19.34% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Aanchal Sugandh</h2> <img src='https:/wp-content/uploads/2022/12/Aanchal-Sugandh_Headshot.jpg' style="float:left; padding:5px;width:125px;">Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program.

She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.<a href="https://stocknews.com/authors/?author=aanchal-sugandh">More...</a>The post <a href=https://stocknews.com/news/avb-eqr-ess-bx-3-residential-reits-to-watch-as-housing-demand-surges/>3 Residential REITs to Watch as Housing Demand Surges</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Residential REITs to Watch as Housing Demand Surges

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Equity Residential Operational Update Offers Market Insight

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The September Swoon

An update from Equity Residential ( ($EQR) ) is now available. Equity Residential announced that their CEO, Mark J. Parrell, will join the Bank of ...

Equity Residential CEO to Speak at Global Real Estate Conference

In a report released yesterday, James Feldman from Wells Fargo maintained a Hold rating on Equity Residential (EQR – Research Report), with a price...

Wells Fargo Keeps Their Hold Rating on Equity Residential (EQR)

Equity Residential declares $0.675 dividend

Dividend Champion, Contender, And Challenger Highlights: Week Of September 22

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Press Releases

Equity Residential Provides Operating Update

Equity Residential to Participate in Nareit REITweek Conference

Equity Residential Declares Second Quarter Dividends

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Equity Residential

Equity Residential (EQR) Forecast

Equity Residential (NYSE:EQR) Stock, Quote.Headers.trade-ideas