AvalonBay Communities (NYSE:AVB) Price Target Increased to $229.00 by Analysts at Scotiabank

AvalonBay Communities (NYSE:AVB) had its price target increased by Scotiabank from $218.00 to $229.00 in a report issued on Monday, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

AVB has been the subject of a number of other reports. Morgan Stanley raised their price objective on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an overweight rating in a research note on Tuesday, May 14th. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the company a neutral rating in a research report on Monday, June 17th. Evercore ISI decreased their price objective on shares of AvalonBay Communities from $218.00 to $216.00 and set an in-line rating for the company in a report on Monday, August 12th. Barclays increased their target price on AvalonBay Communities from $204.00 to $218.00 and gave the company an overweight rating in a research note on Monday, April 29th. Finally, Piper Sandler boosted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $214.47.

AvalonBay Communities Stock Up 0.7 %

Shares of AvalonBay Communities stock opened at $223.01 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50-day moving average of $208.17 and a 200 day moving average of $194.84. The firm has a market cap of $31.71 billion, a price-to-earnings ratio of 33.19, a PEG 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.

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 (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to the consensus estimate 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 in the previous year, the business earned $2.66 earnings per share. As a group, sell-side analysts anticipate that AvalonBay Communities will post 10.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the company’s 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 completion of the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, 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 transaction of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction that occurred 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 sale, 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. 0.42% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AvalonBay Communities

A number of hedge funds have recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $32,000. Versant Capital Management Inc raised its holdings in AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 169 shares during the period. BROOKFIELD Corp ON bought a new stake in AvalonBay Communities during the first quarter valued at about $39,000. Pinnacle Bancorp Inc. boosted its stake in shares of AvalonBay Communities by 50.0% in the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 75 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of AvalonBay Communities by 38.8% in the second 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. 92.61% of the stock is currently 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.