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

AvalonBay Communities (NYSE:AVB) had its price objective raised by Scotiabank from $229.00 to $244.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price points to a potential upside of 4.49% from the company’s current price.

A number of other brokerages have also weighed in on AVB. Deutsche Bank Aktiengesellschaft lifted their target price on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Mizuho upped their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Royal Bank of Canada increased 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 note on Friday, August 2nd. Finally, Evercore ISI boosted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday. Thirteen analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, AvalonBay Communities currently has an average rating of “Hold” and an average target price of $223.12.

AvalonBay Communities Trading Down 0.5 %

Shares of NYSE:AVB traded down $1.23 during trading hours on Monday, hitting $233.52. 263,200 shares of the company’s stock traded hands, compared to its average volume of 728,893. The business has a fifty day moving average price of $214.23 and a 200-day moving average price of $199.56. The firm has a market capitalization of $33.20 billion, a P/E ratio of 34.73, a price-to-earnings-growth ratio of 3.41 and a beta of 0.97. 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 has a 1 year low of $160.45 and a 1 year high of $236.26.

AvalonBay Communities (NYSE:AVB) last posted 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 company 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 company posted $2.66 earnings per share. Equities analysts expect that AvalonBay Communities will post 11.01 earnings per share for the current year.

Insider Transactions at AvalonBay Communities

In related news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction dated 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 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 this hyperlink. 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 stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now 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 accessible through this link. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

A number of institutional investors have recently bought and sold shares of AVB. Opal Wealth Advisors LLC acquired a new position in shares of AvalonBay Communities in the 2nd quarter valued at $32,000. Versant Capital Management Inc lifted 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 valued at $37,000 after buying an additional 169 shares during the last quarter. BROOKFIELD Corp ON purchased a new position in AvalonBay Communities during the first quarter worth about $39,000. Pinnacle Bancorp Inc. increased its position in shares of 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 raised 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 valued at $54,000 after acquiring an additional 73 shares during the period. 92.61% of the stock is owned by hedge funds and other 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.