AvalonBay Communities (NYSE:AVB) Given New $218.00 Price Target at Scotiabank

AvalonBay Communities (NYSE:AVB) had its price target upped by stock analysts at Scotiabank from $213.00 to $218.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price suggests a potential upside of 4.76% from the company’s previous close.

Several other research firms have also commented on AVB. Evercore ISI upped their price objective on AvalonBay Communities from $205.00 to $207.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 9th. Mizuho lifted their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Barclays increased their price objective on shares of AvalonBay Communities from $204.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, April 29th. JPMorgan Chase & Co. boosted their target price on AvalonBay Communities from $194.00 to $212.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Finally, Piper Sandler lifted their target price on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $210.59.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded down $1.07 during mid-day trading on Wednesday, reaching $208.09. 336,966 shares of the company were exchanged, compared to its average volume of 726,067. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $218.79. The company’s 50 day moving average price is $202.87 and its 200 day moving average price is $190.77. The stock has a market capitalization of $29.59 billion, a PE ratio of 30.97, a PEG ratio of 3.09 and a beta of 0.96. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. During the same period in the previous year, the company earned $2.66 earnings per share. Sell-side analysts forecast that AvalonBay Communities will post 10.97 earnings per share for the current fiscal year.

Institutional Trading of AvalonBay Communities

Several large investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of AvalonBay Communities in the fourth quarter valued at approximately $1,271,756,000. Cbre Investment Management Listed Real Assets LLC grew its position in AvalonBay Communities by 70.8% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 835,133 shares of the real estate investment trust’s stock valued at $156,354,000 after acquiring an additional 346,214 shares in the last quarter. Daiwa Securities Group Inc. grew its position in AvalonBay Communities by 487.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after buying an additional 298,322 shares during the last quarter. Heitman Real Estate Securities LLC boosted its stake in shares of AvalonBay Communities by 307.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 351,104 shares of the real estate investment trust’s stock valued at $65,734,000 after buying an additional 264,923 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after buying an additional 249,400 shares in the last quarter. Hedge funds and other 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.