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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Wells Fargo & Company lifted their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Scotiabank raised their price objective on AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Finally, Truist Financial upped their target price on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $227.06.

AvalonBay Communities Stock Down 0.9 %

Shares of AVB stock traded down $2.07 during trading hours on Wednesday, reaching $224.31. The company had a trading volume of 388,071 shares, compared to its average volume of 728,112. The company has a market capitalization of $31.90 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. AvalonBay Communities has a twelve month low of $164.76 and a twelve month high of $236.26. The stock’s fifty day simple moving average is $225.62 and its 200 day simple moving average is $210.50.

AvalonBay Communities (NYSE:AVB) last posted 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 firm had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 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 firm posted $2.66 earnings per share. As a group, sell-side analysts expect that AvalonBay Communities will post 11.01 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders 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 3.03%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is 115.06%.

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.