AvalonBay Communities Inc (NYSE:AVB) announced a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be given a dividend of 1.52 per share by the real estate investment trust on Monday, July 15th. This represents a $6.08 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Thursday, June 27th.
AvalonBay Communities has raised its dividend payment by an average of 5.9% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. AvalonBay Communities has a payout ratio of 67.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect AvalonBay Communities to earn $9.77 per share next year, which means the company should continue to be able to cover its $6.08 annual dividend with an expected future payout ratio of 62.2%.
NYSE AVB traded up $0.38 on Friday, hitting $203.14. The stock had a trading volume of 470,853 shares, compared to its average volume of 545,145. AvalonBay Communities has a 52-week low of $156.93 and a 52-week high of $204.53. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $27.98 billion, a PE ratio of 22.57, a P/E/G ratio of 3.84 and a beta of 0.59.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.02. The firm had revenue of $459.80 million for the quarter, compared to analysts’ expectations of $575.92 million. AvalonBay Communities had a net margin of 45.94% and a return on equity of 9.52%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $2.18 EPS. On average, research analysts anticipate that AvalonBay Communities will post 9.33 EPS for the current year.
In other news, SVP Keri A. Shea sold 1,131 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $200.09, for a total transaction of $226,301.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Sean J. Breslin sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $201.75, for a total transaction of $302,625.00. The disclosure for this sale can be found here. Insiders have sold 95,468 shares of company stock valued at $18,777,790 over the last three months. 0.42% of the stock is owned by corporate insiders.
A number of equities research analysts have recently weighed in on AVB shares. Robert W. Baird raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $198.00 to $215.00 in a research note on Thursday. Mizuho lowered shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 target price on the stock. in a research note on Wednesday, May 8th. Argus reaffirmed a “buy” rating and set a $215.00 target price on shares of AvalonBay Communities in a research note on Tuesday, April 30th. Barclays lifted their target price on shares of AvalonBay Communities from $203.00 to $211.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Finally, KeyCorp lifted their target price on shares of AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. AvalonBay Communities presently has a consensus rating of “Hold” and a consensus price target of $202.38.
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AvalonBay Communities Company Profile
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.
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