AvalonBay Communities (NYSE:AVB) Issues FY 2024 Earnings Guidance

AvalonBay Communities (NYSE:AVB) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 10.990-11.090 for the period, compared to the consensus estimate of 11.030. The company issued revenue guidance of -. AvalonBay Communities also updated its FY24 guidance to $10.99-$11.09 EPS.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB traded up $4.31 during trading on Tuesday, hitting $222.81. 196,379 shares of the stock were exchanged, compared to its average volume of 727,013. The company’s fifty day simple moving average is $225.52 and its 200-day simple moving average is $210.20. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The company has a market capitalization of $31.69 billion, a price-to-earnings ratio of 36.97, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. AvalonBay Communities has a 1-year low of $164.76 and a 1-year high of $236.26.

AvalonBay Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 115.06%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. raised their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Evercore ISI upped their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Piper Sandler lifted their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, BNP Paribas began coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $225.88.

AvalonBay Communities Company Profile

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.