AvalonBay Communities (NYSE:AVB) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of AvalonBay Communities (NYSE:AVB) from a neutral rating to an overweight rating in a research report released on Tuesday morning, MarketBeat.com reports. The firm currently has $262.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $247.00.

Other research analysts also recently issued research reports about the stock. Evercore ISI increased their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Scotiabank cut their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research note on Thursday, November 14th. Truist Financial increased their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Finally, BNP Paribas began coverage on shares of AvalonBay Communities in a report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $231.33.

AvalonBay Communities Stock Performance

Shares of AVB opened at $217.16 on Tuesday. AvalonBay Communities has a 52 week low of $169.37 and a 52 week high of $239.29. The stock has a market cap of $30.89 billion, a P/E ratio of 29.71, a P/E/G ratio of 3.30 and a beta of 0.98. The business’s 50 day moving average price is $227.55 and its 200-day moving average price is $218.11. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The firm had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter in the previous year, the company earned $2.66 EPS. Equities research analysts anticipate that AvalonBay Communities will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 3.13%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 93.02%.

Insiders Place Their Bets

In related news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. This trade represents a 21.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

Several hedge funds have recently bought and sold shares of the business. Raymond James & Associates grew its holdings in shares of AvalonBay Communities by 0.7% in the second quarter. Raymond James & Associates now owns 158,780 shares of the real estate investment trust’s stock worth $32,850,000 after purchasing an additional 1,048 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in shares of AvalonBay Communities during the second quarter worth approximately $284,000. &PARTNERS bought a new stake in shares of AvalonBay Communities during the second quarter valued at approximately $1,538,000. Premier Path Wealth Partners LLC purchased a new stake in shares of AvalonBay Communities in the second quarter valued at approximately $226,000. Finally, Everhart Financial Group Inc. bought a new position in AvalonBay Communities in the second quarter worth approximately $295,000. Institutional investors own 92.61% of the company’s stock.

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.