AvalonBay Communities (NYSE:AVB) Given New $247.00 Price Target at JPMorgan Chase & Co.

AvalonBay Communities (NYSE:AVB) had its price objective boosted by analysts at JPMorgan Chase & Co. from $212.00 to $247.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.02% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Mizuho upped their target price on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Piper Sandler upped their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Royal Bank of Canada upped their price objective on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a research report on Friday, August 2nd. BNP Paribas initiated coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective for the company. Finally, Scotiabank upped their price objective on shares of AvalonBay Communities from $218.00 to $229.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and an average price target of $223.12.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $230.79 on Monday. The firm has a fifty day moving average of $215.37 and a two-hundred day moving average of $200.33. The stock has a market capitalization of $32.82 billion, a price-to-earnings ratio of 34.34, a PEG ratio of 3.41 and a beta of 0.97. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $236.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $2.66 EPS. As a group, equities research analysts predict that AvalonBay Communities will post 11.01 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On AvalonBay Communities

Large investors have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities in the 2nd quarter valued at about $32,000. Versant Capital Management Inc lifted its stake in AvalonBay Communities by 1,877.8% in the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 169 shares during the last quarter. BROOKFIELD Corp ON acquired a new stake in AvalonBay Communities in the 1st quarter valued at about $39,000. Pinnacle Bancorp Inc. lifted its stake in AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in AvalonBay Communities by 38.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 73 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

About AvalonBay Communities

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.