Wall Street brokerages forecast that AvalonBay Communities Inc (NYSE:AVB) will post $594.05 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for AvalonBay Communities’ earnings, with estimates ranging from $586.22 million to $602.91 million. AvalonBay Communities posted sales of $578.52 million in the same quarter last year, which would indicate a positive year over year growth rate of 2.7%. The company is scheduled to report its next earnings results after the market closes on Wednesday, February 5th.
According to Zacks, analysts expect that AvalonBay Communities will report full year sales of $2.32 billion for the current year, with estimates ranging from $2.31 billion to $2.33 billion. For the next year, analysts expect that the firm will report sales of $2.45 billion, with estimates ranging from $2.38 billion to $2.50 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for AvalonBay Communities.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.80. The company had revenue of $587.61 million during the quarter, compared to analysts’ expectations of $585.86 million. AvalonBay Communities had a return on equity of 9.35% and a net margin of 45.56%. During the same quarter in the prior year, the firm posted $1.39 EPS.
A number of equities analysts recently weighed in on AVB shares. Jefferies Financial Group raised AvalonBay Communities from a “hold” rating to a “buy” rating and upped their price target for the stock from $234.00 to $248.00 in a report on Thursday, January 16th. BMO Capital Markets cut AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 target price for the company. in a report on Tuesday, January 7th. SunTrust Banks increased their target price on AvalonBay Communities from $218.00 to $226.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Barclays reissued a “hold” rating and set a $240.00 target price on shares of AvalonBay Communities in a report on Sunday, October 13th. Finally, Evercore ISI raised AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $225.00 target price for the company in a report on Tuesday, November 19th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $226.69.
NYSE AVB traded up $0.84 during trading hours on Friday, reaching $219.33. The company’s stock had a trading volume of 566,780 shares, compared to its average volume of 715,930. The firm has a market capitalization of $30.26 billion, a price-to-earnings ratio of 30.34, a P/E/G ratio of 3.59 and a beta of 0.45. AvalonBay Communities has a 1-year low of $185.36 and a 1-year high of $222.87. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50-day moving average is $210.78 and its two-hundred day moving average is $211.76.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.52 per share. The ex-dividend date was Monday, December 30th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.77%. AvalonBay Communities’s payout ratio is currently 67.56%.
In other news, CEO Timothy J. Naughton sold 26,634 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $213.60, for a total value of $5,689,022.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Sean J. Breslin sold 777 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $213.51, for a total value of $165,897.27. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. CX Institutional grew its position in shares of AvalonBay Communities by 85.5% in the third quarter. CX Institutional now owns 115 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Checchi Capital Advisers LLC grew its position in shares of AvalonBay Communities by 4.9% in the third quarter. Checchi Capital Advisers LLC now owns 1,151 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 54 shares in the last quarter. ETF Managers Group LLC grew its position in shares of AvalonBay Communities by 8.1% in the second quarter. ETF Managers Group LLC now owns 956 shares of the real estate investment trust’s stock valued at $193,000 after purchasing an additional 72 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its position in shares of AvalonBay Communities by 1.4% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 5,406 shares of the real estate investment trust’s stock valued at $1,164,000 after purchasing an additional 74 shares in the last quarter. Finally, LS Investment Advisors LLC grew its position in shares of AvalonBay Communities by 0.9% in the third quarter. LS Investment Advisors LLC now owns 8,858 shares of the real estate investment trust’s stock valued at $1,907,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 92.09% of the company’s stock.
AvalonBay Communities Company Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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