Equity Residential (EQR) – Monthly Stock Report
Publication Date: September 22, 2024
Company Overview
Equity Residential (EQR) is a leading real estate investment trust (REIT) based in Chicago, Illinois, with a mission to acquire, develop, and manage residential properties in vibrant urban areas. As a proud member of the S&P 500, EQR emphasizes the importance of crafting communities that foster long-term residency and satisfaction, targeting affluent renters. The company’s extensive portfolio boasts 299 properties, encompassing 79,738 apartment units, primarily situated in major metropolitan areas including Boston, New York, Washington, D.C., Seattle, San Francisco, and Southern California. Recent expansions have also reached into markets such as Denver, Atlanta, Dallas/Ft. Worth, and Austin, showcasing a strategic approach to tapping into dynamic urban rental demands.
Investment Outlook
Analysts currently recommend a “buy” rating for Equity Residential, anticipating a target high price of $85.00. This optimistic projection, supported by a total revenue of $2.92 billion, underscores the REIT’s strong market presence and growth potential within the residential sector. With a total of 379,136,000 shares outstanding, the current stock price is $76.58, suggesting room for growth. The average target price is positioned at $77.21, with a median target of $77.00, reflecting consistent analyst expectations regarding the stock’s future performance. Furthermore, the stock is currently trading near its 52-week high of $78.83, indicating solid performance and investor confidence in EQR.
Market Sentiment and Performance Metrics
Equity Residential’s current liquidity is underscored by a low short interest rate, with only 5,416,402 shares shorted, representing approximately 1.94% of the float. This suggests that investors maintain a generally positive sentiment towards the company’s near-term performance. The fifty-day moving average stands at $72.57, and the current share price exceeds this average considerably, signaling strong bullish momentum in the market. Despite a lack of comprehensive information on EBITDA, the existing financial data, combined with the analyst recommendations and market performance indicators, solidify Equity Residential’s position as a compelling investment option for those looking to dive into the real estate market.
| Metric | Value |
|---|---|
| Market Cap | $29.9b |
| Total Debt | $7.5b |
| Total Cash | $38.3m |
| Shares Outstanding | 379.1m |
| Float Shares | 376.5m |
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