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

AvalonBay Communities (NYSE:AVB) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 10.920-11.120 for the period, compared to the consensus earnings per share estimate of 10.970. The company issued revenue guidance of -. AvalonBay Communities also updated its FY24 guidance to $10.92-$11.12 EPS.

Analysts Set New Price Targets

A number of research firms recently commented on AVB. Piper Sandler increased their price objective on AvalonBay Communities from $207.00 to $230.00 and gave the stock an overweight rating in a report on Monday, April 29th. 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. Argus increased their price target on AvalonBay Communities from $188.00 to $212.00 and gave the company a buy rating in a report on Tuesday, April 30th. Barclays increased their price target on AvalonBay Communities from $204.00 to $218.00 and gave the company an overweight rating in a report on Monday, April 29th. Finally, Royal Bank of Canada increased their price target on AvalonBay Communities from $191.00 to $196.00 and gave the company a sector perform rating in a report on Monday, April 29th. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $207.76.

AvalonBay Communities Stock Performance

AVB stock traded down $1.40 during midday trading on Wednesday, hitting $204.74. The stock had a trading volume of 878,374 shares, compared to its average volume of 721,113. The firm has a market capitalization of $29.11 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 3.04 and a beta of 0.96. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $211.20. The stock has a 50-day simple moving average of $201.69 and a 200 day simple moving average of $189.88. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.70 dividend. The ex-dividend date was Friday, June 28th. This represents a $6.80 annualized dividend and a yield of 3.32%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 101.19%.

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.