AvalonBay Communities (NYSE:AVB) Issues Earnings Results, Misses Expectations By $0.10 EPS

AvalonBay Communities (NYSE:AVBGet Free Report) posted its quarterly earnings results on Monday. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10), Zacks reports. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same period last year, the company posted $2.66 earnings per share.

AvalonBay Communities Stock Up 0.3 %

Shares of AVB stock traded up $0.62 during mid-day trading on Wednesday, hitting $227.00. The company’s stock had a trading volume of 103,103 shares, compared to its average volume of 726,787. 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 52-week low of $164.76 and a 52-week high of $236.26. The stock has a market cap of $32.28 billion, a price-to-earnings ratio of 38.30, a PEG ratio of 3.29 and a beta of 0.97. The business has a 50-day moving average price of $225.62 and a 200 day moving average price of $210.50.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is 115.06%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. 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 report on Monday, September 16th. Wells Fargo & Company upped their target price on AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Truist Financial lifted their price target 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 upped their price objective on AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Finally, Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, AvalonBay Communities has a consensus rating of “Hold” and a consensus price target of $225.88.

Check Out Our Latest Stock Analysis on AvalonBay Communities

About AvalonBay Communities

(Get Free Report)

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.

See Also

Earnings History for AvalonBay Communities (NYSE:AVB)

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