Q1 2024 EPS Estimates for AvalonBay Communities, Inc. (NYSE:AVB) Lowered by Analyst

AvalonBay Communities, Inc. (NYSE:AVBFree Report) – Equities research analysts at Wedbush reduced their Q1 2024 EPS estimates for AvalonBay Communities in a research note issued to investors on Monday, February 5th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will post earnings per share of $2.63 for the quarter, down from their previous estimate of $2.74. The consensus estimate for AvalonBay Communities’ current full-year earnings is $10.86 per share. Wedbush also issued estimates for AvalonBay Communities’ Q2 2024 earnings at $2.68 EPS, Q3 2024 earnings at $2.73 EPS, Q4 2024 earnings at $2.75 EPS, FY2024 earnings at $10.79 EPS and FY2025 earnings at $11.55 EPS.

AvalonBay Communities (NYSE:AVBGet Free Report) last issued its earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $701.67 million. During the same quarter in the prior year, the business posted $2.59 EPS.

Several other research analysts have also recently weighed in on AVB. Truist Financial cut shares of AvalonBay Communities from a “buy” rating to a “hold” rating and lifted their price target for the stock from $202.00 to $203.00 in a research note on Tuesday, January 16th. Evercore ISI lifted their price target on shares of AvalonBay Communities from $183.00 to $188.00 and gave the stock an “outperform” rating in a research note on Thursday, November 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $185.00 price target on shares of AvalonBay Communities in a research note on Friday, February 2nd. KeyCorp reiterated a “sector weight” rating on shares of AvalonBay Communities in a research note on Friday, January 5th. Finally, JPMorgan Chase & Co. upgraded shares of AvalonBay Communities from an “underweight” rating to a “neutral” rating and dropped their price target for the stock from $201.00 to $194.00 in a research note on Wednesday, November 29th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $196.06.

Read Our Latest Report on AvalonBay Communities

AvalonBay Communities Trading Up 0.4 %

Shares of AVB stock opened at $173.36 on Tuesday. AvalonBay Communities has a 12-month low of $153.07 and a 12-month high of $198.65. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.68. The firm’s 50 day moving average is $181.23 and its 200 day moving average is $178.32. The stock has a market capitalization of $24.62 billion, a P/E ratio of 26.47, a P/E/G ratio of 3.15 and a beta of 0.93.

Institutional Trading of AvalonBay Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of AvalonBay Communities in the 4th quarter worth $1,001,550,000. D1 Capital Partners L.P. purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth $152,996,000. Wellington Management Group LLP boosted its stake in shares of AvalonBay Communities by 57.1% during the 1st quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock worth $531,516,000 after purchasing an additional 777,631 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of AvalonBay Communities by 18.5% during the 1st quarter. JPMorgan Chase & Co. now owns 4,863,429 shares of the real estate investment trust’s stock worth $817,348,000 after purchasing an additional 759,388 shares during the period. Finally, Long Pond Capital LP boosted its stake in shares of AvalonBay Communities by 255.8% during the 4th quarter. Long Pond Capital LP now owns 767,824 shares of the real estate investment trust’s stock worth $124,019,000 after purchasing an additional 552,042 shares during the period. 88.71% of the stock is currently owned by institutional investors.

AvalonBay Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be issued a $1.70 dividend. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.65. This represents a $6.80 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Wednesday, March 27th. AvalonBay Communities’s payout ratio is currently 100.76%.

About AvalonBay Communities

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As of September 30, 2023, the Company owned or held a direct or indirect ownership interest in 296 apartment communities containing 89,240 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and one community was under redevelopment. 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.

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Earnings History and Estimates for AvalonBay Communities (NYSE:AVB)

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