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

AvalonBay Communities (NYSE:AVB) had its price target upped by Wells Fargo & Company from $222.00 to $244.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other research analysts have also recently commented on AVB. Morgan Stanley raised their target price on AvalonBay Communities from $203.00 to $209.00 and gave the stock an overweight rating in a research report on Tuesday, May 14th. UBS Group lifted their target price on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Mizuho upped their target price 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. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a neutral rating in a research note on Monday, June 17th. Finally, Truist Financial lifted their price objective on AvalonBay Communities from $207.00 to $213.00 and gave the company a hold rating in a report on Monday, June 24th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $214.47.

AvalonBay Communities Price Performance

NYSE AVB opened at $223.18 on Monday. The company has a market cap of $31.73 billion, a P/E ratio of 33.21, a P/E/G ratio of 3.09 and a beta of 0.96. AvalonBay Communities has a 1 year low of $160.45 and a 1 year high of $224.23. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $208.58 and a 200 day simple moving average of $195.04.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The business had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter last year, the firm earned $2.66 earnings per share. On average, sell-side analysts predict that AvalonBay Communities will post 10.97 EPS for the current year.

Insider Activity

In related news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’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 transaction, the executive now owns 65,967 shares in the company, valued at approximately $13,780,506.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction that occurred 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 directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVB. Delphi Management Inc. MA increased its stake in shares of AvalonBay Communities by 7.3% during the 2nd quarter. Delphi Management Inc. MA now owns 8,903 shares of the real estate investment trust’s stock worth $1,842,000 after purchasing an additional 605 shares during the last quarter. Creative Planning grew its holdings in AvalonBay Communities by 24.4% during the second quarter. Creative Planning now owns 8,596 shares of the real estate investment trust’s stock worth $1,778,000 after purchasing an additional 1,684 shares during the period. Susquehanna Fundamental Investments LLC increased its position in AvalonBay Communities by 240.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 94,884 shares of the real estate investment trust’s stock worth $19,631,000 after buying an additional 67,012 shares during the last quarter. Liberty Mutual Group Asset Management Inc. raised its stake in AvalonBay Communities by 13.0% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 37,490 shares of the real estate investment trust’s stock valued at $7,756,000 after buying an additional 4,319 shares during the period. Finally, MBB Public Markets I LLC acquired a new stake in shares of AvalonBay Communities in the second quarter valued at approximately $2,115,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

About AvalonBay Communities

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.