AvalonBay Communities, Inc. (NYSE:AVB) to Issue Quarterly Dividend of $1.70

AvalonBay Communities, Inc. (NYSE:AVB - Get Free Report) declared a quarterly dividend on Thursday, May 16th, RTT News reports. Investors of record on Friday, June 28th will be paid a dividend of 1.70 per share by the real estate investment trust on Monday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.43%.

AvalonBay Communities has increased its dividend by an average of 1.2% per year over the last three years and has increased its dividend every year for the last 2 years. AvalonBay Communities has a payout ratio of 123.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect AvalonBay Communities to earn $11.39 per share next year, which means the company should continue to be able to cover its $6.80 annual dividend with an expected future payout ratio of 59.7%.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded down $0.41 during midday trading on Thursday, reaching $198.05. 461,684 shares of the company traded hands, compared to its average volume of 779,731. The firm has a market cap of $28.16 billion, a PE ratio of 29.52, a PEG ratio of 2.76 and a beta of 0.90. The stock's 50-day simple moving average is $186.87 and its 200-day simple moving average is $180.69. AvalonBay Communities has a 12 month low of $160.45 and a 12 month high of $200.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.64 by ($1.42). The company had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same period in the previous year, the business posted $2.57 earnings per share. As a group, equities analysts anticipate that AvalonBay Communities will post 10.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AvalonBay Communities news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $185.10, for a total transaction of $323,925.00. Following the sale, the executive vice president now directly owns 21,907 shares in the company, valued at $4,054,985.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Joanne M. Lockridge sold 1,750 shares of the firm's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $185.10, for a total value of $323,925.00. Following the sale, the executive vice president now directly owns 21,907 shares in the company, valued at approximately $4,054,985.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevin P. O'shea sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares in the company, valued at $5,812,330.20. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company's stock.

Analysts Set New Price Targets

AVB has been the topic of several recent research reports. Piper Sandler raised their target price on shares of AvalonBay Communities from $207.00 to $230.00 and gave the company an "overweight" rating in a research note on Monday, April 29th. Evercore ISI downgraded AvalonBay Communities from an "outperform" rating to an "inline" rating and set a $202.00 price target for the company. in a report on Monday. Truist Financial dropped their target price on shares of AvalonBay Communities from $201.00 to $197.00 and set a "hold" rating on the stock in a report on Tuesday, April 9th. UBS Group increased their price objective on shares of AvalonBay Communities from $199.00 to $210.00 and gave the stock a "neutral" rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of AvalonBay Communities in a research report on Tuesday, January 30th. They issued a "buy" rating and a $206.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $202.83.

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.

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