AvalonBay Communities (NYSE:AVB) Announces Earnings Results

AvalonBay Communities (NYSE:AVB) issued its earnings results on Monday. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10), Zacks reports. The firm had revenue of $734.31 million during the quarter, compared to analysts’ expectations 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 earned $2.66 earnings per share.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock traded down $2.66 during trading hours on Wednesday, hitting $223.72. The company’s stock had a trading volume of 253,701 shares, compared to its average volume of 727,487. The company has a market cap of $31.82 billion, a PE ratio of 38.19, a PEG 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. The business has a 50 day moving average price of $225.62 and a two-hundred day moving average price of $210.50. AvalonBay Communities has a 12-month low of $164.76 and a 12-month high of $236.26.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.04%. AvalonBay Communities’s payout ratio is presently 115.06%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AVB. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. UBS Group increased their price target on shares of AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Scotiabank boosted their price target on AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company upped their price target 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. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average 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.