Analysts at Barclays initiated coverage on shares of AvalonBay Communities (NYSE:AVB – Get Free Report) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “equal weight” rating and a $243.00 price target on the real estate investment trust’s stock. Barclays‘s price target indicates a potential upside of 6.80% from the company’s previous close.
Several other brokerages also recently issued reports on AVB. Evercore ISI boosted their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Scotiabank reduced their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research report on Thursday, November 14th. Royal Bank of Canada lowered their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft increased their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company raised their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Eleven 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.com, AvalonBay Communities has a consensus rating of “Hold” and an average price target of $231.33.
Check Out Our Latest Stock Analysis on AvalonBay Communities
AvalonBay Communities Stock Performance
AvalonBay Communities (NYSE:AVB – Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (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 quarter in the previous year, the business posted $2.66 earnings per share. Equities analysts anticipate that AvalonBay Communities will post 11.03 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Timothy J. Naughton sold 23,697 shares of the firm’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 directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. This trade represents a 21.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On AvalonBay Communities
Several large investors have recently modified their holdings of the stock. RPg Family Wealth Advisory LLC bought a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $26,000. Brooklyn Investment Group acquired a new position in AvalonBay Communities during the third quarter worth $39,000. Mather Group LLC. lifted its holdings in shares of AvalonBay Communities by 38.6% during the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 56 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of AvalonBay Communities in the 3rd quarter valued at $51,000. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of AvalonBay Communities by 731.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 291 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 256 shares during the last quarter. 92.61% of the stock is currently owned by 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.
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