AvalonBay Communities (NYSE:AVB) Given New $241.00 Price Target at Scotiabank

AvalonBay Communities (NYSE:AVB) had its target price reduced by Scotiabank from $244.00 to $241.00 in a report issued on Thursday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts also recently issued reports on AVB. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. BNP Paribas initiated coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target on the stock. Piper Sandler upped their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, UBS Group upped their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $226.88.

AvalonBay Communities Stock Up 0.6 %

NYSE:AVB traded up $1.41 during trading hours on Thursday, reaching $229.34. The company’s stock had a trading volume of 273,392 shares, compared to its average volume of 724,700. The company has a market capitalization of $32.62 billion, a P/E ratio of 31.13, a price-to-earnings-growth ratio of 3.40 and a beta of 0.97. AvalonBay Communities has a 12 month low of $166.60 and a 12 month high of $236.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.03 and a current ratio of 1.64. The stock has a 50 day moving average price of $226.26 and a two-hundred day moving average price of $212.16.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the firm earned $2.66 EPS. Equities analysts predict that AvalonBay Communities will post 11.04 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.97%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 93.02%.

Insiders Place Their Bets

In related news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now owns 87,239 shares in the company, valued at $20,367,689.33. This represents a 21.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

Institutional Trading of AvalonBay Communities

Hedge funds have recently bought and sold shares of the business. RPg Family Wealth Advisory LLC acquired a new stake in AvalonBay Communities in the 3rd quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities in the 2nd quarter valued at about $32,000. Brooklyn Investment Group acquired a new stake in AvalonBay Communities in the 3rd quarter valued at about $39,000. Versant Capital Management Inc raised its holdings in 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 valued at $37,000 after acquiring an additional 169 shares during the last quarter. Finally, Mather Group LLC. grew its stake in shares of AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 56 shares during the period. Institutional investors and hedge funds 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.