Truist Financial Increases AvalonBay Communities (NYSE:AVB) Price Target to $213.00

AvalonBay Communities (NYSE:AVB) had its price objective raised by Truist Financial from $207.00 to $213.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other analysts have also issued reports on the company. Royal Bank of Canada raised their target price on AvalonBay Communities from $191.00 to $196.00 and gave the company a sector perform rating in a report on Monday, April 29th. Wells Fargo & Company raised their target price on AvalonBay Communities from $189.00 to $210.00 and gave the company an overweight rating in a report on Friday, May 31st. Argus raised their target price on AvalonBay Communities from $188.00 to $212.00 and gave the company a buy rating in a report on Tuesday, April 30th. Mizuho raised their target price on AvalonBay Communities from $185.00 to $194.00 and gave the company a neutral rating in a report on Thursday, May 30th. Finally, Piper Sandler raised their price objective on AvalonBay Communities from $207.00 to $230.00 and gave the stock an overweight rating in a research report on Monday, April 29th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, AvalonBay Communities has a consensus rating of Hold and an average price target of $206.89.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $206.35 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $29.34 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.98 and a beta of 0.93. The business’s 50-day simple moving average is $195.81 and its 200-day simple moving average is $186.45. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $208.12.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The company had revenue of $712.86 million for the quarter, compared to analyst estimates of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same period in the prior year, the company posted $2.57 EPS. As a group, equities research analysts expect that AvalonBay Communities will post 10.92 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $6.80 annualized dividend and a dividend yield of 3.30%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

Hedge Funds Weigh In On AvalonBay Communities

Hedge funds and other institutional investors have recently modified their holdings of the stock. SVB Wealth LLC raised its position in AvalonBay Communities by 1.1% in the 1st quarter. SVB Wealth LLC now owns 5,529 shares of the real estate investment trust’s stock valued at $1,026,000 after purchasing an additional 62 shares during the last quarter. West Coast Financial LLC raised its position in AvalonBay Communities by 3.9% in the 1st quarter. West Coast Financial LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $321,000 after purchasing an additional 65 shares during the last quarter. First Affirmative Financial Network raised its position in AvalonBay Communities by 4.8% in the 4th quarter. First Affirmative Financial Network now owns 1,494 shares of the real estate investment trust’s stock valued at $280,000 after purchasing an additional 69 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its position in AvalonBay Communities by 1.1% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 6,361 shares of the real estate investment trust’s stock valued at $1,180,000 after purchasing an additional 69 shares during the last quarter. Finally, Pinnacle Bancorp Inc. raised 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 purchasing an additional 75 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.