AvalonBay Communities (NYSE:AVB) PT Raised to $244.00

AvalonBay Communities (NYSE:AVB) had its price target increased by equities research analysts at Scotiabank from $229.00 to $244.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential upside of 5.72% from the stock’s previous close.

A number of other brokerages have also recently commented on AVB. Deutsche Bank Aktiengesellschaft upped their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday. Mizuho upped their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Finally, Piper Sandler upped their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $223.12.

AvalonBay Communities Stock Down 0.9 %

AVB opened at $230.79 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a market cap 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 twelve month low of $160.45 and a twelve month high of $236.26. The company’s 50-day moving average price is $215.37 and its two-hundred day moving average price is $200.33.

AvalonBay Communities (NYSE:AVB) last released its earnings results 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 company had revenue of $726.04 million during the quarter, compared to analysts’ expectations 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 earned $2.66 earnings per share. As a group, equities analysts expect that AvalonBay Communities will post 11.01 earnings per share for the current year.

Insider Transactions at AvalonBay Communities

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the 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 owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Keri A. Shea sold 2,000 shares of the 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 transaction, the senior vice president now owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

Several institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in shares of AvalonBay Communities by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock valued at $883,098,000 after purchasing an additional 109,585 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of AvalonBay Communities by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock valued at $429,145,000 after purchasing an additional 13,631 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of AvalonBay Communities by 14.4% during 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 purchasing an additional 249,400 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of AvalonBay Communities by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after purchasing an additional 8,809 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of AvalonBay Communities by 11.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock valued at $244,776,000 after purchasing an additional 126,055 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

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.