AvalonBay Communities (NYSE:AVB) Issues FY24 Earnings Guidance

AvalonBay Communities (NYSE:AVB) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $10.99-$11.09 for the period, compared to the consensus estimate of $11.03. AvalonBay Communities also updated its FY 2024 guidance to 10.990-11.090 EPS.

AvalonBay Communities Stock Up 1.0 %

Shares of AVB stock traded up $2.10 on Tuesday, hitting $220.60. The stock had a trading volume of 77,761 shares, compared to its average volume of 726,459. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The business has a 50 day moving average price of $225.52 and a 200 day moving average price of $210.20. AvalonBay Communities has a one year low of $164.76 and a one year high of $236.26. The company has a market cap of $31.37 billion, a PE ratio of 36.97, a P/E/G ratio of 3.29 and a beta of 0.97.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.08%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s dividend payout ratio is currently 115.06%.

Analysts Set New Price Targets

A number of research firms have issued reports on AVB. Evercore ISI raised their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Truist Financial lifted their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Royal Bank of Canada lifted 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, August 2nd. Scotiabank increased their price target on shares of 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, UBS Group increased their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $225.88.

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.