AvalonBay Communities (NYSE:AVB) Price Target Raised to $207.00

AvalonBay Communities (NYSE:AVB) had its price target raised by Truist Financial from $197.00 to $207.00 in a report published on Friday, Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on the stock. The Goldman Sachs Group restated a neutral rating and set a $191.00 target price on shares of AvalonBay Communities in a report on Thursday, February 22nd. Mizuho reduced their target price on shares of AvalonBay Communities from $188.00 to $185.00 and set a neutral rating on the stock in a report on Wednesday, February 28th. Piper Sandler lifted their target price on shares of AvalonBay Communities from $207.00 to $230.00 and gave the company an overweight rating in a report on Monday, April 29th. Scotiabank lifted their target price on shares of AvalonBay Communities from $193.00 to $213.00 and gave the company a sector perform rating in a report on Tuesday, May 14th. Finally, Royal Bank of Canada lifted their price target on shares of AvalonBay Communities from $191.00 to $196.00 and gave the stock a sector perform rating in a research note on Monday, April 29th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, AvalonBay Communities presently has an average rating of Hold and an average price target of $203.39.

AvalonBay Communities Stock Up 0.7 %

Shares of AVB opened at $195.34 on Friday. The firm has a market cap of $27.78 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. The company’s fifty day moving average is $188.60 and its two-hundred day moving average is $182.26. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $200.71. 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 announced its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The company had revenue of $712.86 million during the quarter, compared to analyst estimates of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same quarter last year, the business earned $2.57 EPS. Analysts forecast that AvalonBay Communities will post 10.9 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Friday, June 28th. AvalonBay Communities’s payout ratio is currently 101.19%.

Insider Activity at AvalonBay Communities

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

Institutional Investors Weigh In On AvalonBay Communities

A number of institutional investors have recently modified their holdings of AVB. Byrne Asset Management LLC boosted its stake in AvalonBay Communities by 270.0% during the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 135 shares during the period. BROOKFIELD Corp ON acquired a new position in AvalonBay Communities during the 1st quarter valued at about $39,000. Pinnacle Bancorp Inc. boosted its stake in AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 75 shares during the period. Arlington Trust Co LLC acquired a new position in AvalonBay Communities during the 4th quarter valued at about $45,000. Finally, Bear Mountain Capital Inc. acquired a new position in AvalonBay Communities during the 4th quarter valued at about $66,000. 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.