AvalonBay Communities (NYSE:AVB) Issues Earnings Results, Misses Expectations By $0.93 EPS

AvalonBay Communities (NYSE:AVB) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93), Zacks reports. The business had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the prior year, the firm posted $2.66 EPS.

AvalonBay Communities Trading Down 1.4 %

AvalonBay Communities stock traded down $3.01 during trading on Friday, reaching $210.02. The company had a trading volume of 1,051,279 shares, compared to its average volume of 586,950. AvalonBay Communities has a 12-month low of $160.45 and a 12-month high of $218.79. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s 50 day moving average price is $202.36 and its two-hundred day moving average price is $190.23. The firm has a market capitalization of $29.86 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 3.09 and a beta of 0.96.

AvalonBay Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $6.80 annualized dividend and a dividend yield of 3.24%. AvalonBay Communities’s payout ratio is currently 101.19%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Morgan Stanley upped their price objective on AvalonBay Communities from $203.00 to $209.00 and gave the stock an “overweight” rating in a report on Tuesday, May 14th. Royal Bank of Canada increased their target price on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a report on Friday. Evercore ISI boosted their price target on AvalonBay Communities from $205.00 to $207.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 9th. Scotiabank upped their price target on AvalonBay Communities from $193.00 to $213.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 14th. Finally, Mizuho lifted their price objective on AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, AvalonBay Communities currently has an average rating of “Hold” and an average price target of $210.29.

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.