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

AvalonBay Communities (NYSE:AVB) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 10.710-11.110 for the period, compared to the consensus earnings per share estimate of 10.870. The company issued revenue guidance of -. AvalonBay Communities also updated its FY24 guidance to $10.71-11.11 EPS.

AvalonBay Communities Stock Up 0.1 %

AvalonBay Communities stock traded up $0.13 during mid-day trading on Friday, reaching $191.45. The stock had a trading volume of 945,647 shares, compared to its average volume of 712,005. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $198.65. The stock’s 50-day simple moving average is $182.66 and its 200-day simple moving average is $178.67. The firm has a market capitalization of $27.22 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 3.56 and a beta of 0.92.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). The firm had revenue of $704.71 million during the quarter, compared to analyst estimates of $701.67 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.10%. During the same period last year, the business posted $2.59 EPS. On average, sell-side analysts forecast that AvalonBay Communities will post 10.84 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.70 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date was Wednesday, March 27th. This represents a $6.80 annualized dividend and a dividend yield of 3.55%. AvalonBay Communities’s payout ratio is presently 101.19%.

Analyst Ratings Changes

Several research analysts recently issued reports on AVB shares. Royal Bank of Canada reaffirmed a sector perform rating and set a $185.00 target price on shares of AvalonBay Communities in a research report on Friday, February 2nd. The Goldman Sachs Group reaffirmed a neutral rating and set a $191.00 target price on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Barclays raised AvalonBay Communities from an equal weight rating to an overweight rating and lifted their target price for the company from $194.00 to $204.00 in a research report on Tuesday, February 20th. Truist Financial reduced their price objective on AvalonBay Communities from $201.00 to $197.00 and set a hold rating for the company in a research note on Tuesday, April 9th. Finally, Mizuho reduced their price objective on AvalonBay Communities from $188.00 to $185.00 and set a neutral rating for the company in a research note on Wednesday, February 28th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $196.78.

Insider Activity

In other news, EVP Joanne M. Lockridge sold 1,750 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the transaction, the executive vice president now owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Kevin P. O’shea sold 5,000 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the sale, the executive vice president now directly owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

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.