Scotiabank Boosts AvalonBay Communities (NYSE:AVB) Price Target to $229.00

AvalonBay Communities (NYSE:AVB) had its target price lifted by Scotiabank from $218.00 to $229.00 in a research report sent to investors on Monday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on AVB. Mizuho lifted their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a neutral rating in a report on Thursday, May 30th. Royal Bank of Canada lifted their price target on shares of AvalonBay Communities from $207.00 to $214.00 and gave the stock a sector perform rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a neutral rating in a report on Monday, June 17th. Barclays lifted their price target on shares of AvalonBay Communities from $204.00 to $218.00 and gave the stock an overweight rating in a report on Monday, April 29th. Finally, Piper Sandler lifted their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an overweight rating in a report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $214.47.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $223.01 on Monday. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $224.23. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $31.71 billion, a P/E ratio of 33.19, a P/E/G ratio of 3.09 and a beta of 0.96. The company’s 50 day moving average price is $208.17 and its two-hundred day moving average price is $194.84.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share 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 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 in the prior year, the business earned $2.66 EPS. On average, equities analysts forecast that AvalonBay Communities will post 10.97 earnings per share for the current fiscal year.

Insider Transactions at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of the business’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 directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Keri A. Shea sold 2,000 shares of the business’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 transaction, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s 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 in the company, valued at $13,780,506.30. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVB. Delphi Management Inc. MA boosted its stake in AvalonBay Communities by 7.3% in the second quarter. Delphi Management Inc. MA now owns 8,903 shares of the real estate investment trust’s stock valued at $1,842,000 after acquiring an additional 605 shares during the last quarter. Creative Planning boosted its stake in AvalonBay Communities by 24.4% in the second quarter. Creative Planning now owns 8,596 shares of the real estate investment trust’s stock valued at $1,778,000 after acquiring an additional 1,684 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its stake in AvalonBay Communities by 240.4% in the second quarter. Susquehanna Fundamental Investments LLC now owns 94,884 shares of the real estate investment trust’s stock valued at $19,631,000 after acquiring an additional 67,012 shares during the last quarter. Liberty Mutual Group Asset Management Inc. boosted its stake in AvalonBay Communities by 13.0% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 37,490 shares of the real estate investment trust’s stock valued at $7,756,000 after acquiring an additional 4,319 shares during the last quarter. Finally, MBB Public Markets I LLC purchased a new position in AvalonBay Communities in the second quarter valued at about $2,115,000. 92.61% of the stock is currently 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.