Avalonbay Communities Inc.
) achieved a new 52-week high, touching $152.95 on Aug 13. The
stock closed the session at $152.45, reflecting a solid
year-to-date return of 31.2%. The trading volume for the session
was 582,157 shares.
Avalonbay Communities currently has a Zacks Rank #2 (Buy),
indicating that the stock still has potential to move higher. The
company has delivered positive earnings surprises in all the
trailing four quarters with an average beat of 3.1% for the year.
Further, the long-term expected earnings per share growth rate for
this residential equity real estate investment trust (REIT) is
Strong second-quarter results, including improved performance of
its newly developed and acquired communities, and healthy liquidity
position drove the company's stock price to the new high.
On Jul 23, 2014, Avalonbay Communities came out with second-quarter
2014 funds from operations (FFO) of $1.71 per share, beating Zacks
Consensus Estimate by 3.0%. Also, the reported figure was 10.3%
higher than the prior-year quarter figure.
Quarterly results benefited from a rise in same-store rental
revenues, driven by escalation in average rental rates. However, an
increase in same-store operating expenses and a fall in economic
occupancy acted as headwinds.
Other stocks that are worth-considering in this space include
American Campus Communities, Inc. (
), American Residential Properties, Inc. (
) and Equity LifeStyle Properties, Inc. (
). All these stocks carry the same Zacks Rank as Avalonbay
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AVALONBAY CMMTY (AVB): Free Stock Analysis
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