Evercore ISI Trims AvalonBay Communities (NYSE:AVB) Target Price to $216.00

AvalonBay Communities (NYSE:AVB) had its price objective cut by Evercore ISI from $218.00 to $216.00 in a research note published on Monday morning, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Mizuho upped their target price on AvalonBay Communities from $185.00 to $194.00 and gave the company a neutral rating in a report on Thursday, May 30th. Morgan Stanley upped their target price on AvalonBay Communities from $203.00 to $209.00 and gave the company an overweight rating in a report on Tuesday, May 14th. Wells Fargo & Company increased their price objective on AvalonBay Communities from $210.00 to $222.00 and gave the stock an overweight rating in a research note on Thursday, June 27th. UBS Group increased their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, Scotiabank increased their price objective on AvalonBay Communities from $213.00 to $218.00 and gave the stock a sector perform rating in a research note on Wednesday, August 7th. 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 has a consensus rating of Hold and a consensus price target of $211.12.

AvalonBay Communities Trading Up 0.6 %

NYSE:AVB opened at $214.71 on Monday. AvalonBay Communities has a 1 year low of $160.45 and a 1 year high of $218.79. The stock has a market cap of $30.53 billion, a price-to-earnings ratio of 31.95, a PEG ratio of 3.09 and a beta of 0.96. The business has a fifty day moving average of $205.20 and a 200-day moving average of $192.19. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). The firm had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company earned $2.66 EPS. Equities analysts predict that AvalonBay Communities will post 10.97 earnings per share for the current year.

Insider Activity

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the 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 owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, 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 owns 4,383 shares in the company, valued at approximately $908,026.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred 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 sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.

Institutional Trading of AvalonBay Communities

Hedge funds have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities in the 2nd quarter worth approximately $32,000. Byrne Asset Management LLC lifted its position in shares of AvalonBay Communities by 270.0% in the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 135 shares during the period. Versant Capital Management Inc lifted its position in shares of AvalonBay Communities by 1,877.8% in the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 169 shares during the period. BROOKFIELD Corp ON bought a new stake in shares of AvalonBay Communities in the 1st quarter worth approximately $39,000. Finally, Pinnacle Bancorp Inc. lifted its position in shares of AvalonBay Communities by 50.0% in the 1st 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. Institutional investors own 92.61% of the company’s stock.

About AvalonBay Communities

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.