AvalonBay Communities (NYSE:AVB) Posts Quarterly Earnings Results, Misses Estimates By $1.42 EPS

AvalonBay Communities (NYSE:AVB) announced its earnings results on Friday. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42), Yahoo Finance reports. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. The business had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. During the same quarter in the prior year, the company earned $2.57 EPS.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB traded down $0.43 during midday trading on Monday, reaching $191.02. 903,468 shares of the company’s stock traded hands, compared to its average volume of 817,557. 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 one year low of $160.45 and a one year high of $198.65. The company has a market cap of $27.16 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 3.23 and a beta of 0.92. The stock has a 50 day moving average of $182.66 and a 200 day moving average of $178.68.

AvalonBay Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.70 dividend. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date was Wednesday, March 27th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.56%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler upped their price objective on shares of AvalonBay Communities from $207.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial decreased their price target on shares of AvalonBay Communities from $201.00 to $197.00 and set a “hold” rating for the company in a research note on Tuesday, April 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $191.00 price objective on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Morgan Stanley raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $175.00 to $191.50 in a research report on Monday, February 26th. Finally, Royal Bank of Canada lifted their price target on AvalonBay Communities from $191.00 to $196.00 and gave the company a “sector perform” rating in a research report on Monday. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $199.78.

Insider Buying and Selling

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other AvalonBay Communities news, 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 transaction, the executive vice president now owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

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.