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

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

AvalonBay Communities Price Performance

AVB traded up $0.13 during trading on Friday, reaching $191.45. The company’s stock had a trading volume of 945,647 shares, compared to its average volume of 712,005. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.68. The firm has a fifty day simple moving average of $182.66 and a two-hundred day simple moving average of $178.67. AvalonBay Communities has a 1 year low of $160.45 and a 1 year high of $198.65. The company has a market cap of $27.22 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 3.56 and a beta of 0.92.

AvalonBay Communities (NYSE:AVB) last released its earnings results 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 return on equity of 8.10% and a net margin of 34.05%. The business had revenue of $704.71 million during the quarter, compared to analysts’ expectations of $701.67 million. During the same period last year, the business earned $2.59 earnings per share. As a group, analysts anticipate that AvalonBay Communities will post 10.84 EPS 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 paid a $1.70 dividend. 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. The ex-dividend date was Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio (DPR) is 101.19%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Mizuho reduced their price target on shares of AvalonBay Communities from $188.00 to $185.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Royal Bank of Canada reaffirmed a sector perform rating and set a $185.00 price target on shares of AvalonBay Communities in a research report on Friday, February 2nd. KeyCorp reaffirmed a sector weight rating on shares of AvalonBay Communities in a research report on Friday, January 5th. Piper Sandler reaffirmed an overweight rating and set a $207.00 price target on shares of AvalonBay Communities in a research report on Tuesday, March 26th. Finally, Wolfe Research lowered shares of AvalonBay Communities from an outperform rating to a peer perform rating in a research report on Tuesday, January 2nd. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, AvalonBay Communities has an average rating of Hold and an average target price of $196.78.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction on 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 owns 31,308 shares in the company, valued at $5,812,330.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other AvalonBay Communities news, EVP Joanne M. Lockridge sold 1,750 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 21,907 shares in the company, valued at $4,054,985.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now 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. 0.42% of the stock is owned by insiders.

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.