AvalonBay Communities (NYSE:AVB) Price Target Raised to $244.00

AvalonBay Communities (NYSE:AVB) had its price objective lifted by equities research analysts at Scotiabank from $229.00 to $244.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 4.49% from the company’s previous close.

A number of other brokerages have also recently weighed in on AVB. Evercore ISI raised their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Wells Fargo & Company upped their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, 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 report on Thursday, May 30th. Thirteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $223.12.

AvalonBay Communities Price Performance

AVB stock traded down $1.23 during midday trading on Monday, reaching $233.52. The company had a trading volume of 263,200 shares, compared to its average volume of 728,893. The firm has a 50-day moving average price of $214.23 and a 200-day moving average price of $199.56. The company has a market capitalization of $33.20 billion, a P/E ratio of 34.73, a P/E/G ratio of 3.41 and a beta of 0.97. AvalonBay Communities has a 1 year low of $160.45 and a 1 year high of $236.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) 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 company had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. During the same quarter last year, the firm posted $2.66 earnings per share. On average, research analysts anticipate that AvalonBay Communities will post 11.01 earnings per share for the current fiscal year.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred 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 directly owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the transaction, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvalonBay Communities

A number of institutional investors and hedge funds have recently bought and sold shares of AVB. Opal Wealth Advisors LLC purchased a new stake in AvalonBay Communities in the 2nd quarter worth $32,000. Versant Capital Management Inc increased its position in AvalonBay Communities by 1,877.8% in 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 last quarter. BROOKFIELD Corp ON purchased a new stake in AvalonBay Communities during the first quarter valued at $39,000. Pinnacle Bancorp Inc. lifted its position in AvalonBay Communities by 50.0% during the first 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. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of 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 worth $54,000 after buying an additional 73 shares in the last quarter. 92.61% of the stock is owned by institutional investors.

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.