AvalonBay Communities (NYSE:AVB) Price Target Raised to $213.00 at Scotiabank

AvalonBay Communities (NYSE:AVB) had its price objective boosted by Scotiabank from $193.00 to $213.00 in a report issued on Tuesday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other analysts have also recently issued reports on AVB. Mizuho reduced their price objective on AvalonBay Communities from $188.00 to $185.00 and set a neutral rating on the stock in a research note on Wednesday, February 28th. Evercore ISI cut AvalonBay Communities from an outperform rating to an inline rating and set a $202.00 price objective on the stock. in a research note on Monday, May 13th. Piper Sandler increased their price objective on AvalonBay Communities from $207.00 to $230.00 and gave the company an overweight rating in a research note on Monday, April 29th. Royal Bank of Canada increased their price objective on AvalonBay Communities from $191.00 to $196.00 and gave the company a sector perform rating in a research note on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on AvalonBay Communities in a research note on Tuesday, January 30th. They issued a buy rating and a $206.00 price target on the stock. Eleven 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 data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $202.83.

AvalonBay Communities Trading Up 0.4 %

AVB opened at $198.89 on Tuesday. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $200.71. The business has a fifty day simple moving average of $187.37 and a 200-day simple moving average of $181.06. The firm has a market cap of $28.28 billion, a P/E ratio of 29.60, a P/E/G ratio of 2.78 and a beta of 0.90. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $2.64 by ($1.42). AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. The firm had revenue of $712.86 million for the quarter, compared to analysts’ expectations of $706.61 million. During the same quarter in the prior year, the business earned $2.57 earnings per share. On average, equities analysts expect that AvalonBay Communities will post 10.87 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.42%. The ex-dividend date is Friday, June 28th. AvalonBay Communities’s dividend payout ratio is presently 101.19%.

Insider Buying and Selling at AvalonBay Communities

In related news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Kevin P. O’shea sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares in the company, valued at $5,812,330.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Plato Investment Management Ltd increased its holdings in AvalonBay Communities by 863.7% in the first quarter. Plato Investment Management Ltd now owns 3,315 shares of the real estate investment trust’s stock valued at $615,000 after buying an additional 2,971 shares in the last quarter. Tidal Investments LLC increased its stake in shares of AvalonBay Communities by 36.5% during the 1st quarter. Tidal Investments LLC now owns 37,638 shares of the real estate investment trust’s stock worth $6,984,000 after purchasing an additional 10,057 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of AvalonBay Communities during the 1st quarter worth approximately $4,751,000. Janus Henderson Group PLC increased its stake in shares of AvalonBay Communities by 6.1% during the 1st quarter. Janus Henderson Group PLC now owns 521,815 shares of the real estate investment trust’s stock worth $96,781,000 after purchasing an additional 29,953 shares in the last quarter. Finally, King Street Capital Management L.P. increased its stake in shares of AvalonBay Communities by 20.0% during the 1st quarter. King Street Capital Management L.P. now owns 120,000 shares of the real estate investment trust’s stock worth $22,267,000 after purchasing an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors 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.