AvalonBay Communities (NYSE:AVB) Releases Earnings Results

AvalonBay Communities (NYSE:AVB) released its quarterly earnings data on Monday. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10), Zacks reports. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The firm had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter in the previous year, the firm posted $2.66 EPS.

AvalonBay Communities Stock Down 0.6 %

AvalonBay Communities stock traded down $1.45 during trading hours on Wednesday, hitting $224.93. The stock had a trading volume of 854,699 shares, compared to its average volume of 730,283. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $31.99 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. AvalonBay Communities has a 12-month low of $164.76 and a 12-month high of $236.26. The stock’s 50-day moving average price is $225.66 and its 200-day moving average price is $210.60.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.70 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.02%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. UBS Group lifted their target price on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Truist Financial lifted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Evercore ISI lifted their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, BNP Paribas assumed coverage on shares of AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price on the stock. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $227.06.

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.