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

AvalonBay Communities (NYSE:AVB) had its price target lifted by Scotiabank from $229.00 to $244.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a buy rating in a research report on Tuesday, September 10th. Truist Financial boosted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a hold rating in a research report on Tuesday, August 27th. BNP Paribas began coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an outperform rating and a $250.00 price target on the stock. UBS Group lifted their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company upped 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. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $223.12.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $232.85 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $33.11 billion, a price-to-earnings ratio of 34.65, a price-to-earnings-growth ratio of 3.41 and a beta of 0.97. AvalonBay Communities has a twelve month low of $160.45 and a twelve month high of $236.26. The company has a 50-day simple moving average of $214.83 and a two-hundred day simple moving average of $199.96.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. During the same quarter in the previous year, the firm posted $2.66 earnings per share. Analysts forecast that AvalonBay Communities will post 11.01 EPS for the current year.

Insider Activity

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

Institutional Trading of AvalonBay Communities

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities in the 2nd quarter valued at $32,000. Versant Capital Management Inc lifted its holdings 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 valued at $37,000 after buying an additional 169 shares during the period. BROOKFIELD Corp ON acquired a new position in AvalonBay Communities in the first quarter valued at $39,000. Pinnacle Bancorp Inc. boosted 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 acquiring an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in AvalonBay Communities by 38.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 73 shares during the period. 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.