This 3.3%-Yielding Dividend Stock's 19% Decline Looks Like an Incredible Buying Opportunity
Shares of Equity Residential (NYSE: EQR) have tumbled 18.8% from their peak this year. This sell-off has pushed the real estate investment trust's (REIT) dividend yield up over 3.3%, making it even more attractive to income-focused investors.
Adding to its investor appeal is the continued strength in apartment market conditions. That was evident in the REIT's second-quarter results and outlook for what's ahead.
Equity Residential's CEO Mark Parrell summed up the residential REIT's second-quarter results in the earnings press release. He stated, "We delivered outstanding results this quarter supported by favorable supply and-demand dynamics and a healthy labor market bolstering employment and wages."
Source Fool.com
