AvalonBay Communities (NYSE:AVB) Releases FY24 Earnings Guidance

AvalonBay Communities (NYSE:AVB) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $10.71-11.11 for the period, compared to the consensus estimate of $10.86. AvalonBay Communities also updated its FY 2024 guidance to 10.710-11.110 EPS.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVB. KeyCorp reiterated a sector weight rating on shares of AvalonBay Communities in a research report on Friday, January 5th. Barclays upgraded shares of AvalonBay Communities from an equal weight rating to an overweight rating and increased their target price for the company from $194.00 to $204.00 in a research report on Tuesday, February 20th. The Goldman Sachs Group restated a neutral rating and set a $191.00 price objective on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft started coverage on shares of AvalonBay Communities in a research report on Tuesday, January 30th. They set a buy rating and a $206.00 price objective for the company. Finally, Piper Sandler restated an overweight rating and set a $207.00 price objective on shares of AvalonBay Communities in a research report on Tuesday, March 26th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $196.78.

AvalonBay Communities Stock Performance

Shares of AVB stock traded up $0.13 during trading on Friday, reaching $191.45. The company had a trading volume of 945,647 shares, compared to its average volume of 712,005. The firm’s 50 day simple moving average is $182.66 and its two-hundred day simple moving average is $178.67. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick 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 capitalization of $27.22 billion, a PE ratio of 28.49, a PEG ratio of 3.56 and a beta of 0.92.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.10%. The company had revenue of $704.71 million during the quarter, compared to the consensus estimate of $701.67 million. During the same period in the previous year, the business posted $2.59 earnings per share. Sell-side analysts forecast that AvalonBay Communities will post 10.84 earnings per share for the current year.

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. The ex-dividend date was Wednesday, March 27th. This represents a $6.80 dividend on an annualized basis and a yield of 3.55%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. AvalonBay Communities’s dividend payout ratio (DPR) is 101.19%.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the firm’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 value of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities 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 sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the sale, 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. Insiders own 0.42% of the company’s stock.

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.