AvalonBay Communities, Inc. (AVB) To Go Ex-Dividend on December 28th

AvalonBay Communities, Inc. (NYSE:AVB) declared a quarterly dividend on Thursday, November 16th, RTT News reports. Stockholders of record on Friday, December 29th will be paid a dividend of 1.65 per share by the real estate investment trust on Tuesday, January 16th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend is Thursday, December 28th.

AvalonBay Communities has increased its dividend payment by an average of 1.5% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. AvalonBay Communities has a payout ratio of 124.1% 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 $11.15 per share next year, which means the company should continue to be able to cover its $6.60 annual dividend with an expected future payout ratio of 59.2%.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $169.04 on Friday. AvalonBay Communities has a twelve month low of $153.07 and a twelve month high of $198.65. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.67. The stock’s 50 day moving average price is $172.60 and its 200-day moving average price is $180.28. The company has a market capitalization of $24.01 billion, a PE ratio of 25.73, a PEG ratio of 2.64 and a beta of 0.95.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVB shares. Mizuho dropped their price objective on AvalonBay Communities from $190.00 to $186.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 26th. Royal Bank of Canada upped their price objective on AvalonBay Communities from $193.00 to $195.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 2nd. Wells Fargo & Company dropped their price objective on AvalonBay Communities from $201.00 to $192.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 12th. Colliers Securities upgraded AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $202.00 price objective on the stock in a research note on Thursday, September 14th. Finally, Piper Sandler raised shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $197.00 to $194.00 in a report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $195.82.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVB. Cetera Advisor Networks LLC increased its holdings in shares of AvalonBay Communities by 8.2% in the first quarter. Cetera Advisor Networks LLC now owns 1,485 shares of the real estate investment trust’s stock worth $369,000 after purchasing an additional 113 shares during the period. Private Advisor Group LLC grew its position in AvalonBay Communities by 18.0% in the first quarter. Private Advisor Group LLC now owns 2,007 shares of the real estate investment trust’s stock worth $499,000 after acquiring an additional 306 shares in the last quarter. Prudential PLC purchased a new position in AvalonBay Communities in the first quarter worth $704,000. Cetera Investment Advisers grew its position in AvalonBay Communities by 54.4% in the first quarter. Cetera Investment Advisers now owns 5,260 shares of the real estate investment trust’s stock worth $1,306,000 after acquiring an additional 1,853 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. grew its position in AvalonBay Communities by 7.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 12,461 shares of the real estate investment trust’s stock worth $3,095,000 after acquiring an additional 901 shares in the last quarter. Institutional investors own 88.71% of the company’s stock.

About AvalonBay Communities

As of September 30, 2023, the Company owned or held a direct or indirect ownership interest in 296 apartment communities containing 89,240 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and one community was under redevelopment. 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.