AvalonBay Communities (NYSE:AVB) Updates Q2 2024 Earnings Guidance

AvalonBay Communities (NYSE:AVB) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.630-2.730 for the period, compared to the consensus earnings per share estimate of 2.710. The company issued revenue guidance of -. AvalonBay Communities also updated its FY 2024 guidance to 10.710-11.110 EPS.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group restated a neutral rating and set a $191.00 target price on shares of AvalonBay Communities in a report on Thursday, February 22nd. Royal Bank of Canada restated a sector perform rating and set a $185.00 target price on shares of AvalonBay Communities in a report on Friday, February 2nd. KeyCorp restated a sector weight rating on shares of AvalonBay Communities in a report on Friday, January 5th. Piper Sandler reiterated an overweight rating and issued a $207.00 price objective on shares of AvalonBay Communities in a report on Tuesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of AvalonBay Communities in a report on Tuesday, January 30th. They issued a buy rating and a $206.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $196.78.

AvalonBay Communities Stock Performance

AVB stock traded down $0.04 during midday trading on Thursday, reaching $191.30. 1,073,207 shares of the company were exchanged, compared to its average volume of 814,883. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. The business has a 50-day moving average price of $182.10 and a two-hundred day moving average price of $178.43. AvalonBay Communities has a one year low of $160.45 and a one year high of $198.65. The firm has a market capitalization of $27.20 billion, a price-to-earnings ratio of 28.92, a price-to-earnings-growth ratio of 3.51 and a beta of 0.92.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. The company had revenue of $704.71 million for the quarter, compared to the consensus estimate of $701.67 million. During the same period last year, the firm earned $2.59 earnings per share. Equities research analysts forecast that AvalonBay Communities will post 10.8 EPS for the current year.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.55%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend was Wednesday, March 27th. AvalonBay Communities’s payout ratio is 103.82%.

Insiders Place Their Bets

In other news, EVP Joanne M. Lockridge sold 1,750 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the sale, the executive vice president now owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Joanne M. Lockridge sold 1,750 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the sale, the executive vice president now owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the transaction, the chief financial officer now directly owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

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.