AvalonBay Communities (NYSE:AVB) Given New $230.00 Price Target at Truist Financial

AvalonBay Communities (NYSE:AVB) had its target price raised by Truist Financial from $213.00 to $230.00 in a report released on Tuesday morning, Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on the stock. Piper Sandler lifted their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a neutral rating in a research note on Monday, June 17th. Scotiabank lifted their price target on shares of AvalonBay Communities from $218.00 to $229.00 and gave the stock a sector perform rating in a research note on Monday. Argus boosted their price objective on shares of AvalonBay Communities from $188.00 to $212.00 and gave the stock a buy rating in a research report on Tuesday, April 30th. Finally, UBS Group boosted their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the stock a neutral rating in a research report on Thursday, July 18th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $214.06.

AvalonBay Communities Trading Up 0.6 %

Shares of AVB stock opened at $221.33 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $31.47 billion, a P/E ratio of 32.95, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96. The company has a 50 day moving average price of $207.78 and a 200 day moving average price of $194.51. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $222.97.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the firm posted $2.66 EPS. Equities research analysts predict that AvalonBay Communities will post 10.97 EPS for the current fiscal year.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the transaction, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvalonBay Communities

A number of institutional investors and hedge funds have recently made changes to their positions in AVB. Norges Bank acquired a new stake in AvalonBay Communities in the 4th quarter valued at about $1,271,756,000. Cbre Investment Management Listed Real Assets LLC grew its stake in AvalonBay Communities by 70.8% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 835,133 shares of the real estate investment trust’s stock valued at $156,354,000 after acquiring an additional 346,214 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in AvalonBay Communities by 487.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after acquiring an additional 298,322 shares during the last quarter. Heitman Real Estate Securities LLC grew its stake in AvalonBay Communities by 307.4% in the 4th quarter. Heitman Real Estate Securities LLC now owns 351,104 shares of the real estate investment trust’s stock valued at $65,734,000 after acquiring an additional 264,923 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in AvalonBay Communities by 14.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after acquiring an additional 249,400 shares during the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Company Profile

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.