AvalonBay Communities (NYSE:AVB) Given New $223.00 Price Target at Evercore ISI

AvalonBay Communities (NYSE:AVB) had its target price upped by Evercore ISI from $216.00 to $223.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

Several other research analysts have also recently commented on AVB. Morgan Stanley boosted their target price on AvalonBay Communities from $203.00 to $209.00 and gave the stock an overweight rating in a research note on Tuesday, May 14th. Mizuho boosted their price objective on AvalonBay Communities from $185.00 to $194.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. UBS Group upped their target price on shares of AvalonBay Communities from $210.00 to $228.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Argus lifted their price target on shares of AvalonBay Communities from $188.00 to $212.00 and gave the stock a buy rating in a research note on Tuesday, April 30th. Finally, Wells Fargo & Company increased their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an overweight rating in a research report on Monday. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, AvalonBay Communities currently has an average rating of Hold and a consensus price target of $214.47.

AvalonBay Communities Stock Performance

NYSE AVB opened at $223.01 on Wednesday. The company has a market cap of $31.71 billion, a P/E ratio of 33.19, a P/E/G ratio of 3.09 and a beta of 0.96. AvalonBay Communities has a 1-year low of $160.45 and a 1-year high of $224.23. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a 50-day moving average of $208.17 and a two-hundred day moving average of $194.84.

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. As a group, analysts anticipate that AvalonBay Communities will post 10.97 EPS for the current year.

Insider Activity

In related news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction on 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 sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

Several institutional investors have recently added to or reduced their stakes in AVB. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc lifted its holdings in shares of AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 169 shares during the period. BROOKFIELD Corp ON acquired a new stake in shares of AvalonBay Communities during the first quarter worth $39,000. Pinnacle Bancorp Inc. grew its position 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 buying an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased 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 buying an additional 73 shares during the period. Institutional investors and hedge funds 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.