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

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

Other analysts also recently issued research reports about the company. Truist Financial upped 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a buy rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a neutral rating in a report on Monday. Wells Fargo & Company increased their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an overweight rating in a report on Monday, August 26th. Finally, Piper Sandler lifted their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an overweight rating in a report on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $223.12.

AvalonBay Communities Stock Performance

AVB opened at $230.55 on Monday. The company has a market cap of $32.78 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 3.41 and a beta of 0.97. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average price is $216.45 and its 200-day moving average price is $200.75. AvalonBay Communities has a 52-week low of $160.45 and a 52-week high of $236.26.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. During the same period in the prior year, the firm posted $2.66 EPS. As a group, equities analysts anticipate that AvalonBay Communities will post 11.01 EPS for the current fiscal year.

Insider Buying and Selling

In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the transaction, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The transaction was disclosed in a 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 AvalonBay Communities stock in a transaction dated 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 transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction that occurred on 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 approximately $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVB. Private Advisor Group LLC raised its holdings in AvalonBay Communities by 12.0% in the 4th quarter. Private Advisor Group LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $380,000 after buying an additional 217 shares during the period. Principal Securities Inc. acquired a new stake in shares of AvalonBay Communities during the fourth quarter valued at about $137,000. Jump Financial LLC raised its stake in shares of AvalonBay Communities by 53.3% in the 4th quarter. Jump Financial LLC now owns 3,680 shares of the real estate investment trust’s stock valued at $689,000 after acquiring an additional 1,280 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of AvalonBay Communities by 30.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,883 shares of the real estate investment trust’s stock worth $1,101,000 after acquiring an additional 1,386 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of AvalonBay Communities by 7.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 43,995 shares of the real estate investment trust’s stock worth $8,237,000 after purchasing an additional 2,990 shares during the period. Institutional investors and hedge funds 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.