JPMorgan Chase & Co. Raises AvalonBay Communities (NYSE:AVB) Price Target to $247.00

AvalonBay Communities (NYSE:AVB) had its price target upped by JPMorgan Chase & Co. from $212.00 to $247.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

AVB has been the subject of a number of other reports. Zelman & Associates raised AvalonBay Communities to a hold rating in a research note on Thursday, September 5th. Scotiabank raised their target price on AvalonBay Communities from $218.00 to $229.00 and gave the company a sector perform rating in a research note on Monday, August 26th. Mizuho boosted their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. Royal Bank of Canada raised their price objective on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a sector perform rating in a research report on Friday, August 2nd. Finally, UBS Group lifted their price objective on shares of AvalonBay Communities from $210.00 to $228.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $223.12.

AvalonBay Communities Stock Performance

AVB stock opened at $230.55 on Monday. The company has a 50-day simple moving average of $216.45 and a 200 day simple moving average of $200.75. The company has a market capitalization of $32.78 billion, a P/E ratio of 34.31, a PEG ratio of 3.41 and a beta of 0.97. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $236.26.

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 analysts’ consensus estimates of $2.71 by ($0.93). The company had revenue of $726.04 million during 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 period in the prior year, the company posted $2.66 earnings per share. Sell-side analysts predict that AvalonBay Communities will post 11.01 earnings per share for the current fiscal year.

Insider Transactions at AvalonBay Communities

In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were 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 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 insiders.

Institutional Trading of AvalonBay Communities

Several large investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC raised its holdings in shares of AvalonBay Communities by 12.0% during the 4th quarter. Private Advisor Group LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $380,000 after purchasing an additional 217 shares in the last quarter. Principal Securities Inc. bought a new position in shares of AvalonBay Communities during the 4th quarter valued at $137,000. Jump Financial LLC raised its holdings in shares of AvalonBay Communities by 53.3% during the 4th quarter. Jump Financial LLC now owns 3,680 shares of the real estate investment trust’s stock valued at $689,000 after purchasing an additional 1,280 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of AvalonBay Communities by 30.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,883 shares of the real estate investment trust’s stock valued at $1,101,000 after purchasing an additional 1,386 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of AvalonBay Communities by 7.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 43,995 shares of the real estate investment trust’s stock valued at $8,237,000 after purchasing an additional 2,990 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.