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

by · The Cerbat Gem

AvalonBay Communities, Inc. (NYSE:AVB – Get Free Report) announced a quarterly dividend on Thursday, November 14th,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 1.70 per share by the real estate investment trust on Wednesday, January 15th. This represents a $6.80 annualized dividend and a dividend yield of 2.98%.

AvalonBay Communities has increased its dividend payment by an average of 1.2% per year over the last three years. AvalonBay Communities has a payout ratio of 121.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect AvalonBay Communities to earn $11.57 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 58.8%.

AvalonBay Communities Trading Down 2.2 %

AVB stock traded down $5.18 during trading on Thursday, hitting $227.93. The company had a trading volume of 639,876 shares, compared to its average volume of 726,742. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.70. AvalonBay Communities has a one year low of $166.60 and a one year high of $236.26. The business has a 50-day moving average of $226.23 and a 200-day moving average of $212.05. The stock has a market cap of $32.42 billion, a PE ratio of 31.58, a PEG ratio of 3.36 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB – Get Free Report) last released its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The firm had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the previous year, the firm earned $2.66 EPS. Research analysts predict that AvalonBay Communities will post 11.04 earnings per share for the current fiscal year.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the sale, the director now owns 87,239 shares of the company’s stock, valued at $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $233.78, for a total transaction of $528,576.58. Following the completion of the transaction, the director now owns 111,436 shares in the company, valued at $26,051,508.08. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Scotiabank dropped their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research note on Thursday. Evercore ISI increased their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Wells Fargo & Company increased their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Finally, UBS Group boosted their target price on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $226.88.

Check Out Our Latest Stock Report on AvalonBay Communities

About AvalonBay Communities

(Get Free Report)

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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