AvalonBay Communities (NYSE:AVB) Sets New 52-Week High Following Better-Than-Expected Earnings

AvalonBay Communities, Inc. (NYSE:AVBGet Free Report)’s stock price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $210.90 and last traded at $210.05, with a volume of 1105537 shares trading hands. The stock had previously closed at $207.18.

The real estate investment trust reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.03. The firm had revenue of $693.43 million during the quarter, compared to analyst estimates of $744.61 million. AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. During the same quarter last year, the business earned $2.70 EPS.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s dividend payout ratio is 92.23%.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVB. Zelman & Associates upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a report on Thursday, February 13th. Barclays raised their price target on shares of AvalonBay Communities from $226.00 to $227.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Piper Sandler decreased their price target on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating for the company in a research note on Tuesday, February 11th. Morgan Stanley downgraded shares of AvalonBay Communities from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $236.00 to $223.00 in a report on Friday, January 24th. Finally, Royal Bank of Canada boosted their price target on shares of AvalonBay Communities from $226.00 to $229.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, AvalonBay Communities has an average rating of “Hold” and an average price target of $239.29.

View Our Latest Stock Report on AvalonBay Communities

Institutional Investors Weigh In On AvalonBay Communities

Several institutional investors have recently bought and sold shares of AVB. Norges Bank purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $1,499,050,000. Price T Rowe Associates Inc. MD increased its holdings in shares of AvalonBay Communities by 35.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust’s stock worth $1,133,328,000 after purchasing an additional 1,336,698 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of AvalonBay Communities by 0.6% in the 4th quarter. Principal Financial Group Inc. now owns 4,590,539 shares of the real estate investment trust’s stock worth $1,009,781,000 after purchasing an additional 27,629 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of AvalonBay Communities by 1.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock worth $914,627,000 after purchasing an additional 55,588 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in AvalonBay Communities by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 3,693,457 shares of the real estate investment trust’s stock valued at $810,470,000 after acquiring an additional 107,655 shares during the period. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 0.4 %

The company’s 50 day moving average price is $208.95 and its two-hundred day moving average price is $218.28. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The stock has a market cap of $29.76 billion, a P/E ratio of 27.54, a PEG ratio of 3.11 and a beta of 0.86.

About AvalonBay Communities

(Get Free Report)

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.

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