AvalonBay Communities (NYSE:AVB) Issues Quarterly Earnings Results, Misses Estimates By $0.10 EPS

AvalonBay Communities (NYSE:AVB) issued its earnings results on Monday. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10), Zacks reports. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The business had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the previous year, the company earned $2.66 earnings per share.

AvalonBay Communities Stock Performance

AVB traded down $2.38 during midday trading on Wednesday, reaching $224.00. The company’s stock had a trading volume of 267,420 shares, compared to its average volume of 727,551. The stock has a market cap of $31.86 billion, a P/E ratio of 38.19, a PEG ratio of 3.29 and a beta of 0.97. The company has a fifty day simple moving average of $225.62 and a 200 day simple moving average of $210.50. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities has a twelve month low of $164.76 and a twelve month high of $236.26.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is currently 115.06%.

Wall Street Analyst Weigh In

AVB has been the topic of several research analyst reports. UBS Group boosted their target price on shares of AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. 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. BNP Paribas started coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective for the company. JPMorgan Chase & Co. upped 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. Finally, Piper Sandler upped their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, AvalonBay Communities presently has an average rating of “Hold” and a consensus target price of $227.06.

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.