Intel stock extends gains after report of possible U.S. government stake
Equity Residential (NYSE:EQR) shares have reached a 52-week low, dipping to $59.45, as the real estate market faces headwinds. According to InvestingPro data, the stock's RSI indicates oversold territory, while the company maintains a robust 4.48% dividend yield and a 33-year track record of consistent dividend payments. The company, which is a leading investor in high-quality apartment properties in top U.S. growth markets, has seen its stock price fluctuate in a challenging economic environment. With a market capitalization of $23.37 billion and a P/E ratio of 22.73, Equity Residential maintains a "GOOD" Financial Health Score on InvestingPro. Over the past year, Equity Residential's stock has experienced a decline of 3.59%, reflecting broader market trends and investor sentiment in the real estate sector. This recent price level represents a significant marker for the company, as investors and analysts reassess the stock's performance and future prospects in light of current market conditions. InvestingPro analysis indicates the stock is currently trading close to its Fair Value, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Equity Residential reported its fourth-quarter 2024 financial results, showcasing a normalized Funds From Operations (FFO) per share of $1.00. This result was slightly below Stifel's estimate by $0.01 but aligned with the consensus estimates. Stifel analysts responded by lowering their price target for Equity Residential from $85.00 to $82.25, while still maintaining a Buy rating due to the company's overall value. UBS also maintained a Buy rating, setting a price target of $84.00, citing the company's stable demand environment and favorable macroeconomic conditions.
Equity Residential's fourth-quarter blended spreads met projections at 1.0%, although they showed a deceleration from the previous quarter. Renewal rates increased by 5.0%, indicating a strong renter base, while occupancy rates remained robust at 96.1%. The company reported net bad debt of 1.1% for the fourth quarter, consistent with the previous quarter and lower than the same period in 2023. Looking forward, Equity Residential forecasts blended rent growth of 1.4% to 2.2% for the first quarter of 2025, with UBS noting potential improvements in the supply and demand outlook.
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