AvalonBay Communities (NYSE:AVB) Issues FY24 Earnings Guidance

by · The Markets Daily

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVB. Royal Bank of Canada boosted 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. Deutsche Bank Aktiengesellschaft boosted their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Piper Sandler upped their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Finally, Evercore ISI upped their price target on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $225.88.

Get Our Latest Research Report on AVB

AvalonBay Communities Price Performance

Shares of NYSE AVB traded up $2.22 during midday trading on Monday, reaching $218.50. 624,570 shares of the stock traded hands, compared to its average volume of 729,505. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. The stock has a market capitalization of $31.08 billion, a PE ratio of 36.60, a P/E/G ratio of 3.37 and a beta of 0.97. AvalonBay Communities has a one year low of $164.76 and a one year high of $236.26. The company’s 50 day moving average is $225.55 and its 200 day moving average is $209.94.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.70 per share. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.11%. AvalonBay Communities’s payout ratio is presently 115.06%.

Insider Activity at AvalonBay Communities

In related news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is currently owned by insiders.

AvalonBay Communities Company Profile

(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.

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