AvalonBay Communities (NYSE:AVB) Posts Earnings Results, Misses Estimates By $0.93 EPS

AvalonBay Communities (NYSE:AVB) announced its earnings results on Wednesday. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93), Zacks reports. The business had revenue of $726.04 million for the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the prior year, the company earned $2.66 EPS.

AvalonBay Communities Stock Performance

NYSE AVB traded down $3.01 during trading hours on Friday, hitting $210.02. The company’s stock had a trading volume of 1,051,279 shares, compared to its average volume of 586,950. AvalonBay Communities has a 12 month low of $160.45 and a 12 month high of $218.79. The company’s 50 day simple moving average is $202.36 and its two-hundred day simple moving average is $190.23. The company has a market cap of $29.86 billion, a P/E ratio of 31.25, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $1.70 dividend. The ex-dividend date was Friday, June 28th. This represents a $6.80 annualized dividend and a yield of 3.24%. AvalonBay Communities’s payout ratio is 101.19%.

Wall Street Analysts Forecast Growth

AVB has been the subject of a number of recent analyst reports. Mizuho upped their target price on AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Truist Financial upped their target price on AvalonBay Communities from $207.00 to $213.00 and gave the company a “hold” rating in a report on Monday, June 24th. UBS Group increased their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Barclays raised their price objective on AvalonBay Communities from $204.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Finally, Morgan Stanley raised their price objective on AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $210.29.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.