Royal Bank of Canada Cuts AvalonBay Communities (NYSE:AVB) Price Target to $233.00

AvalonBay Communities (NYSE:AVB) had its price target decreased by Royal Bank of Canada from $234.00 to $233.00 in a research report sent to investors on Wednesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Evercore ISI upped their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft upped their target price on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. BNP Paribas initiated coverage on shares of AvalonBay Communities in a report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Scotiabank increased their price target on shares of AvalonBay Communities from $229.00 to $244.00 and gave the company a “sector perform” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company boosted their target price on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. 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 data from MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Hold” and an average price target of $227.06.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $233.75 on Wednesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.70. AvalonBay Communities has a twelve month low of $164.76 and a twelve month high of $236.26. The stock has a market capitalization of $33.24 billion, a PE ratio of 31.98, a price-to-earnings-growth ratio of 3.41 and a beta of 0.97. The firm’s 50 day moving average price is $225.92 and its 200-day moving average price is $211.05.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter in the previous year, the firm earned $2.66 earnings per share. Equities research analysts expect that AvalonBay Communities will post 11.04 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.70 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.91%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 93.02%.

Institutional Investors Weigh In On AvalonBay Communities

Institutional investors have recently modified their holdings of the business. Segment Wealth Management LLC boosted its holdings in AvalonBay Communities by 4.6% in the 3rd quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 45 shares during the last quarter. SYSTM Wealth Solutions LLC raised its position in shares of AvalonBay Communities by 2.7% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust’s stock valued at $386,000 after buying an additional 49 shares during the period. Patrick M Sweeney & Associates Inc. lifted its holdings in AvalonBay Communities by 4.1% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock valued at $286,000 after acquiring an additional 50 shares during the last quarter. Tectonic Advisors LLC lifted its stake in shares of AvalonBay Communities by 2.7% in the 3rd quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust’s stock valued at $436,000 after purchasing an additional 50 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its holdings in shares of AvalonBay Communities by 4.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust’s stock worth $280,000 after purchasing an additional 55 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

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.