AvalonBay Communities (NYSE:AVB) Releases Earnings Results, Misses Expectations By $0.10 EPS

AvalonBay Communities (NYSE:AVB) posted its quarterly earnings data on Monday. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10), Zacks reports. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The company had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter last year, the company earned $2.66 earnings per share.

AvalonBay Communities Stock Performance

AVB traded up $0.62 during trading on Wednesday, reaching $227.00. 103,103 shares of the company’s stock were exchanged, compared to its average volume of 726,787. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. AvalonBay Communities has a 1 year low of $164.76 and a 1 year high of $236.26. The company’s fifty day simple moving average is $225.62 and its 200-day simple moving average is $210.50. The stock has a market capitalization of $32.28 billion, a P/E ratio of 38.30, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid 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 3.00%. AvalonBay Communities’s payout ratio is presently 115.06%.

Analysts Set New Price Targets

AVB has been the topic of several recent analyst reports. UBS Group raised their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. BNP Paribas assumed coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price on the stock. JPMorgan Chase & Co. lifted their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, Truist Financial upped their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $225.88.

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.