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

AvalonBay Communities (NYSE:AVB) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 10.990-11.090 for the period, compared to the consensus earnings per share estimate of 11.030. The company issued revenue guidance of -. AvalonBay Communities also updated its FY24 guidance to $10.99-$11.09 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on AVB shares. Royal Bank of Canada boosted their price target 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. Truist Financial lifted their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Wells Fargo & Company increased their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. boosted their target price on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, UBS Group increased their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $225.88.

AvalonBay Communities Trading Up 1.0 %

NYSE:AVB traded up $2.22 during midday trading on Monday, reaching $218.50. 608,012 shares of the stock traded hands, compared to its average volume of 729,505. The stock has a market capitalization of $31.08 billion, a P/E ratio of 36.97, a PEG ratio of 3.37 and a beta of 0.97. AvalonBay Communities has a 12 month low of $164.76 and a 12 month high of $236.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The company has a fifty day moving average of $225.52 and a 200 day moving average of $210.20.

AvalonBay Communities Dividend Announcement

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

Insider Activity

In other news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the transaction, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.42% of the company’s stock.

AvalonBay Communities Company Profile

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.