Evercore ISI Raises AvalonBay Communities (NYSE:AVB) Price Target to $229.00

AvalonBay Communities (NYSE:AVB) had its target price hoisted by Evercore ISI from $225.00 to $229.00 in a research note issued to investors on Monday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

AVB has been the topic of several other reports. Royal Bank of Canada boosted their target price on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a sector perform rating in a report on Friday, August 2nd. Truist Financial raised their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a hold rating in a research note on Tuesday, August 27th. Zelman & Associates raised AvalonBay Communities to a hold rating in a research note on Thursday, September 5th. Piper Sandler increased their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an overweight rating in a report on Friday, August 2nd. Finally, Scotiabank boosted their price objective on shares of AvalonBay Communities from $218.00 to $229.00 and gave the company a sector perform rating in a report on Monday, August 26th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $223.12.

AvalonBay Communities Stock Down 0.2 %

AVB stock opened at $230.41 on Monday. AvalonBay Communities has a one year low of $160.45 and a one year high of $236.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The firm’s fifty day moving average is $215.90 and its 200 day moving average is $200.54. The firm has a market cap of $32.76 billion, a PE ratio of 34.29, a P/E/G ratio of 3.41 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (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 analysts’ expectations 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 previous year, the company earned $2.66 EPS. On average, research analysts forecast that AvalonBay Communities will post 11.01 EPS for the current year.

Insider Transactions at AvalonBay Communities

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities 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 sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value 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 disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On AvalonBay Communities

Several large investors have recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities during the 2nd quarter worth $32,000. Versant Capital Management Inc raised its stake in shares of 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 purchasing an additional 169 shares in the last quarter. BROOKFIELD Corp ON acquired a new stake in AvalonBay Communities in the first quarter worth about $39,000. Pinnacle Bancorp Inc. grew its position in AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 75 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake 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 valued at $54,000 after buying an additional 73 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

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.