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

AvalonBay Communities (NYSE:AVB) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 10.990-11.090 for the period, compared to the consensus estimate of 11.030. The company issued revenue guidance of -. AvalonBay Communities also updated its FY24 guidance to $10.99-$11.09 EPS.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock traded down $2.07 during trading hours on Wednesday, reaching $224.31. The company’s stock had a trading volume of 388,071 shares, compared to its average volume of 728,112. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. AvalonBay Communities has a one year low of $164.76 and a one year high of $236.26. The company’s 50 day simple moving average is $225.62 and its 200 day simple moving average is $210.50. The stock has a market cap of $31.90 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The company had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the prior year, the firm earned $2.66 EPS. As a group, analysts expect that AvalonBay Communities will post 11.01 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

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 $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.03%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s dividend payout ratio is currently 115.06%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AVB. Evercore ISI lifted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. 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 report on Thursday, July 18th. Truist Financial boosted their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Finally, Royal Bank of Canada dropped their price objective on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and an average price target of $227.06.

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.