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

AvalonBay Communities (NYSE:AVB) updated its FY 2024 earnings guidance on Thursday. 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.

Wall Street Analysts Forecast Growth

AVB has been the subject of a number of recent analyst reports. Piper Sandler reiterated an overweight rating and issued a $207.00 target price on shares of AvalonBay Communities in a research report on Tuesday, March 26th. The Goldman Sachs Group reissued a neutral rating and set a $191.00 target price on shares of AvalonBay Communities in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft began coverage on AvalonBay Communities in a research report on Tuesday, January 30th. They issued a buy rating and a $206.00 target price for the company. Barclays upgraded AvalonBay Communities from an equal weight rating to an overweight rating and lifted their price target for the company from $194.00 to $204.00 in a research report on Tuesday, February 20th. Finally, Wolfe Research cut AvalonBay Communities from an outperform rating to a peer perform rating in a research note on Tuesday, January 2nd. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $196.78.

AvalonBay Communities Stock Down 0.0 %

Shares of AvalonBay Communities stock traded down $0.04 during midday trading on Thursday, hitting $191.30. The company’s stock had a trading volume of 1,073,207 shares, compared to its average volume of 814,883. AvalonBay Communities has a 1-year low of $160.45 and a 1-year high of $198.65. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $27.20 billion, a P/E ratio of 28.92, a PEG ratio of 3.51 and a beta of 0.92. The stock has a 50-day simple moving average of $182.10 and a 200-day simple moving average of $178.43.

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 business had revenue of $704.71 million for the quarter, compared to analyst estimates of $701.67 million. AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. During the same quarter in the previous year, the business posted $2.59 earnings per share. As a group, sell-side analysts expect that AvalonBay Communities will post 10.8 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. AvalonBay Communities’s dividend payout ratio is currently 103.82%.

Insider Buying and Selling at AvalonBay Communities

In other news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction on Thursday, March 7th. The shares were 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 in the company, valued at approximately $4,054,985.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the transaction, 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. Company insiders own 0.42% of the company’s stock.

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.