Zacks: Brokerages Expect AvalonBay Communities, Inc. (AVB) Will Post Earnings of $2.24 Per Share
Brokerages forecast that AvalonBay Communities, Inc. (NYSE:AVB) will post $2.24 earnings per share for the current quarter, Zacks reports. Six analysts have issued estimates for AvalonBay Communities’ earnings. The highest EPS estimate is $2.26 and the lowest is $2.19. AvalonBay Communities posted earnings of $1.76 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 27.3%. The company is scheduled to issue its next quarterly earnings report on Wednesday, February 7th.
On average, analysts expect that AvalonBay Communities will report full-year earnings of $8.45 per share for the current fiscal year, with EPS estimates ranging from $8.26 to $8.52. For the next year, analysts forecast that the company will post earnings of $9.08 per share, with EPS estimates ranging from $8.93 to $9.23. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that cover AvalonBay Communities.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, October 30th. The real estate investment trust reported $1.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.17 by ($0.45). The company had revenue of $550.50 million during the quarter, compared to analysts’ expectations of $539.69 million. AvalonBay Communities had a net margin of 41.55% and a return on equity of 8.66%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.11 earnings per share.
Several research analysts recently weighed in on the stock. Evercore ISI upgraded shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $194.00 price objective for the company in a research report on Monday, September 25th. Stifel Nicolaus restated a “buy” rating and issued a $209.00 price objective on shares of AvalonBay Communities in a research report on Wednesday, October 4th. Barclays PLC boosted their price objective on shares of AvalonBay Communities from $188.00 to $189.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 18th. BidaskClub upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Finally, KeyCorp restated a “hold” rating on shares of AvalonBay Communities in a research report on Sunday, September 24th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. AvalonBay Communities has a consensus rating of “Hold” and an average target price of $195.40.
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A number of hedge funds and other institutional investors have recently made changes to their positions in AVB. FMR LLC boosted its stake in AvalonBay Communities by 22.2% in the 2nd quarter. FMR LLC now owns 5,341,390 shares of the real estate investment trust’s stock worth $1,026,454,000 after purchasing an additional 969,095 shares during the period. Koch Industries Inc. acquired a new position in AvalonBay Communities in the 2nd quarter worth $365,000. Harbour Capital Advisors LLC boosted its stake in AvalonBay Communities by 19,117.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 329,572 shares of the real estate investment trust’s stock worth $1,715,000 after purchasing an additional 327,857 shares during the period. Old Mutual Global Investors UK Ltd. boosted its stake in AvalonBay Communities by 185.9% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 504,090 shares of the real estate investment trust’s stock worth $89,939,000 after purchasing an additional 327,763 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in AvalonBay Communities by 316.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 407,714 shares of the real estate investment trust’s stock worth $72,744,000 after purchasing an additional 309,867 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.
Shares of AvalonBay Communities (AVB) opened at $181.97 on Friday. The stock has a market cap of $24.90 billion, a PE ratio of 21.24, a P/E/G ratio of 2.86 and a beta of 0.36. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.69.
The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, September 28th. AvalonBay Communities’s dividend payout ratio (DPR) is 88.75%.
AvalonBay Communities Company Profile
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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