AvalonBay Communities (NYSE:AVB) Announces Quarterly Earnings Results

AvalonBay Communities (NYSE:AVB) issued its quarterly earnings data 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 firm had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same period in the previous year, the business earned $2.66 EPS.

AvalonBay Communities Trading Down 1.4 %

NYSE AVB traded down $3.01 on Friday, reaching $210.02. 1,051,279 shares of the company were exchanged, compared to its average volume of 586,950. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71. The business’s fifty day moving average price is $202.36 and its 200 day moving average price is $190.23. The stock has a market capitalization 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. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $218.79.

AvalonBay Communities Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVB. Scotiabank increased their target price on shares of AvalonBay Communities from $193.00 to $213.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 14th. Argus raised their price objective on AvalonBay Communities from $188.00 to $212.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Mizuho upped their target price on AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. Finally, Piper Sandler upped their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, AvalonBay Communities 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.