AvalonBay Communities (NYSE:AVB) Releases FY24 Earnings Guidance

AvalonBay Communities (NYSE:AVB) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $10.99-$11.09 for the period, compared to the consensus estimate of $11.03. AvalonBay Communities also updated its FY 2024 guidance to 10.990-11.090 EPS.

Analyst Ratings Changes

Several research analysts have commented on the stock. BNP Paribas assumed coverage on shares of AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price target for the company. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Truist Financial lifted their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Finally, UBS Group lifted 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. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $227.06.

AvalonBay Communities Stock Performance

AVB stock traded up $3.27 during midday trading on Thursday, reaching $228.20. 177,796 shares of the company’s stock traded hands, compared to its average volume of 727,638. AvalonBay Communities has a 52-week low of $164.76 and a 52-week high of $236.26. The stock has a market cap of $32.45 billion, a P/E ratio of 30.77, a PEG ratio of 3.29 and a beta of 0.97. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock’s 50-day moving average is $225.66 and its 200 day moving average is $210.60.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the prior year, the company posted $2.66 earnings per share. As a group, analysts anticipate that AvalonBay Communities will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.70 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.98%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

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.