AvalonBay Communities, Inc. (AVB) Expected to Announce Quarterly Sales of $538.52 Million
Wall Street brokerages predict that AvalonBay Communities, Inc. (NYSE:AVB) will announce sales of $538.52 million for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for AvalonBay Communities’ earnings, with estimates ranging from $532.06 million to $542.39 million. AvalonBay Communities reported sales of $516.21 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.3%. The business is expected to report its next quarterly earnings results on Monday, October 23rd.
According to Zacks, analysts expect that AvalonBay Communities will report full year sales of $538.52 million for the current fiscal year, with estimates ranging from $2.06 billion to $2.15 billion. For the next fiscal year, analysts expect that the company will post sales of $2.25 billion per share, with estimates ranging from $2.11 billion to $2.35 billion. Zacks’ sales averages are an average based on a survey of research firms that cover AvalonBay Communities.
AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $2.09 EPS for the quarter, missing the Zacks’ consensus estimate of $2.14 by ($0.05). AvalonBay Communities had a net margin of 47.90% and a return on equity of 9.88%. The business had revenue of $530.51 million for the quarter, compared to analyst estimates of $529.48 million. During the same quarter last year, the business earned $2.03 earnings per share.
A number of brokerages have recently issued reports on AVB. Royal Bank Of Canada reiterated a “buy” rating and set a $203.00 price target on shares of AvalonBay Communities in a research note on Sunday, July 16th. Argus assumed coverage on shares of AvalonBay Communities in a research report on Thursday, June 22nd. They issued a “buy” rating and a $220.00 price objective for the company. KeyCorp restated a “hold” rating on shares of AvalonBay Communities in a research report on Sunday, September 24th. BidaskClub raised AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Evercore ISI raised AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $194.00 price objective on the stock in a report on Monday, September 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $196.00.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in AvalonBay Communities by 2,676.8% during the 1st quarter. BlackRock Inc. now owns 14,398,025 shares of the real estate investment trust’s stock valued at $2,643,476,000 after acquiring an additional 13,879,505 shares in the last quarter. FMR LLC raised its position in AvalonBay Communities by 22.2% during the second quarter. FMR LLC now owns 5,341,390 shares of the real estate investment trust’s stock worth $1,026,454,000 after acquiring an additional 969,095 shares during the last quarter. Vanguard Group Inc. raised its position in AvalonBay Communities by 1.9% during the first quarter. Vanguard Group Inc. now owns 21,857,497 shares of the real estate investment trust’s stock worth $4,013,036,000 after acquiring an additional 406,218 shares during the last quarter. Koch Industries Inc. acquired a new position in AvalonBay Communities during the second quarter worth about $365,000. Finally, Harbour Capital Advisors LLC raised its position in AvalonBay Communities by 19,117.0% during the second quarter. Harbour Capital Advisors LLC now owns 329,572 shares of the real estate investment trust’s stock worth $1,715,000 after acquiring an additional 327,857 shares during the last quarter. 97.52% of the stock is currently owned by hedge funds and other institutional investors.
AvalonBay Communities (NYSE AVB) traded down 0.10% during trading on Thursday, reaching $178.42. The company had a trading volume of 894,569 shares. AvalonBay Communities has a 1-year low of $158.32 and a 1-year high of $199.52. The firm has a 50-day moving average of $187.92 and a 200-day moving average of $188.99. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of 24.57 and a beta of 0.35.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, September 28th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 78.13%.
About AvalonBay Communities
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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