Market Update (NYSE:EQR): Equity Residential Announces Closing of Sale of 23,262 Apartment Units to Starwood Capital Group for $5.365 Billion

[Business Wire] – Equity Residential today announced the closing of the sale, for $5.365 billion, of 72 properties, consisting of 23,262 apartment units that it had agreed to sell to controlled affiliates of Starwood Capital Group, as previously announced on October 26, 2015. Read more on this. Equity Residential (EQR) , currently valued at $28.70B, began trading this morning at $79.65. Looking at today’s trading action, the company’s one day range from $78.58 to $79.65 and has traded between $61.90 and $82.53 over the past 12 months. EQR shares are currently priced at 23.05x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 21.10x forward p/e ratio. And for dividend hunters, the company pays shareholders $2.21 per share annually in dividends, yielding 2.84%. According to a consensus of 26 analysts, the earnings estimate of $0.92 per share would be $0.05 better than the year-ago quarter and a $0.00 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $3.46 is a $0.31 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $703.69 Million. If realized, that would be a 6.17% increase over the year-ago quarter. In terms of ratings, JMP Securities downgraded EQR from Mkt Outperform to Mkt Perform (Jan 19, 2016). Previously, Jefferies upgraded EQR from Hold to Buy. With the above information in mind, readers should note that the average price target is $84.16, which is 5.66% above where the stock opened this morning. See more in (NYSE:EQR) Similar Articles: Stock Update (NYSE:EQR): Equity Residential Announces Cash Tender Offers and Consent Solicitations for Certain Outstanding Debt Securities Company Update: Equity Residential (NYSE:EQR) – Equity Residential Declares Fourth Quarter Dividends Stock Update: Equity Residential (NYSE:EQR) – Equity Residential Announces Change to Third Quarter 2015 Earnings Release Date and Conference Call