AvalonBay Communities (NYSE:AVB) Updates FY24 Earnings Guidance

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

AvalonBay Communities Price Performance

Shares of AVB stock traded up $3.27 during trading on Thursday, hitting $228.20. The company had a trading volume of 177,796 shares, compared to its average volume of 727,638. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market capitalization of $32.45 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. The stock’s 50-day moving average price is $225.66 and its 200 day moving average price is $210.60. AvalonBay Communities has a one year low of $164.76 and a one year high of $236.26.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Monday, November 4th. 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). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The company had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter last year, the firm posted $2.66 earnings per share. Equities analysts expect that AvalonBay Communities will post 11.01 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.70 per share. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 2.98%. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Analysts Set New Price Targets

Several research analysts have commented on AVB shares. Evercore ISI boosted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. UBS Group boosted their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Royal Bank of Canada lowered their price target on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a report on Wednesday. Piper Sandler upped their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. 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, AvalonBay Communities currently has a consensus 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.