Wall Street brokerages predict that AvalonBay Communities Inc (NYSE:AVB) will post $591.26 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for AvalonBay Communities’ earnings. The lowest sales estimate is $574.56 million and the highest is $608.30 million. AvalonBay Communities reported sales of $577.26 million during the same quarter last year, which indicates a positive year over year growth rate of 2.4%. The business is expected to issue its next quarterly earnings report on Wednesday, July 29th.
On average, analysts expect that AvalonBay Communities will report full year sales of $2.34 billion for the current year, with estimates ranging from $2.19 billion to $2.43 billion. For the next fiscal year, analysts forecast that the firm will post sales of $2.42 billion, with estimates ranging from $2.38 billion to $2.50 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for AvalonBay Communities.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, May 6th. The real estate investment trust reported $1.19 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.19. The firm had revenue of $547.51 million for the quarter, compared to analyst estimates of $596.58 million. AvalonBay Communities had a net margin of 33.20% and a return on equity of 7.21%. AvalonBay Communities’s revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.23 earnings per share.
AVB has been the topic of a number of recent analyst reports. Deutsche Bank cut their price target on shares of AvalonBay Communities from $221.00 to $180.00 and set a “hold” rating on the stock in a research note on Thursday, April 16th. Citigroup cut their price target on shares of AvalonBay Communities from $225.00 to $145.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. TheStreet downgraded shares of AvalonBay Communities from a “b-” rating to a “c+” rating in a research note on Thursday, March 19th. Morgan Stanley cut their price target on shares of AvalonBay Communities from $226.00 to $143.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Finally, Zacks Investment Research downgraded shares of AvalonBay Communities from a “buy” rating to a “hold” rating and set a $171.00 price target on the stock. in a research note on Friday, April 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. AvalonBay Communities has a consensus rating of “Hold” and an average price target of $198.71.
NYSE:AVB traded up $1.28 during trading hours on Friday, reaching $154.28. 21,080 shares of the company were exchanged, compared to its average volume of 1,369,013. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.72 and a quick ratio of 2.72. The firm has a market cap of $21.30 billion, a price-to-earnings ratio of 27.32, a PEG ratio of 4.93 and a beta of 0.82. AvalonBay Communities has a 52-week low of $118.17 and a 52-week high of $229.40. The stock has a 50 day simple moving average of $158.29 and a 200 day simple moving average of $183.82.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $1.59 per share. This represents a $6.36 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Monday, June 29th. AvalonBay Communities’s payout ratio is 68.09%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sowell Financial Services LLC lifted its holdings in AvalonBay Communities by 970.0% during the 1st quarter. Sowell Financial Services LLC now owns 214 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 194 shares during the last quarter. Ellevest Inc. lifted its holdings in shares of AvalonBay Communities by 67.3% in the 1st quarter. Ellevest Inc. now owns 261 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 105 shares during the last quarter. Arden Trust Co bought a new stake in shares of AvalonBay Communities in the 1st quarter worth approximately $56,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of AvalonBay Communities in the 1st quarter worth approximately $57,000. Finally, Muzinich & Co. Inc. lifted its holdings in shares of AvalonBay Communities by 18.8% in the 4th quarter. Muzinich & Co. Inc. now owns 291 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 46 shares during the last quarter. 90.91% of the stock is owned by institutional investors and hedge funds.
About AvalonBay Communities
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
Further Reading: What is the Ex-Dividend Date in Investing?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.