AvalonBay Communities (NYSE:AVB) Price Target Cut to $233.00 by Analysts at Royal Bank of Canada

AvalonBay Communities (NYSE:AVB) had its target price decreased by research analysts at Royal Bank of Canada from $234.00 to $233.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 2.18% from the company’s current price.

Other analysts have also recently issued research reports about the company. Evercore ISI upped their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. BNP Paribas began coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Piper Sandler increased their target price 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $227.06.

AvalonBay Communities Price Performance

AVB stock opened at $228.04 on Wednesday. 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 stock’s 50 day moving average is $225.66 and its two-hundred day moving average is $210.60. The company has a market capitalization of $32.43 billion, a PE ratio of 31.20, a P/E/G ratio of 3.33 and a beta of 0.97. AvalonBay Communities has a 52-week low of $164.76 and a 52-week high of $236.26.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.10). The company had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a return on equity of 8.87% and a net margin of 36.20%. During the same period in the prior year, the business earned $2.66 earnings per share. Analysts predict that AvalonBay Communities will post 11.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AvalonBay Communities

Several institutional investors have recently bought and sold shares of AVB. &PARTNERS acquired a new position in AvalonBay Communities during the 2nd quarter valued at about $1,538,000. Sheets Smith Wealth Management bought a new position in shares of AvalonBay Communities in the first quarter valued at approximately $768,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of AvalonBay Communities by 14.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,952 shares of the real estate investment trust’s stock valued at $6,115,000 after acquiring an additional 4,138 shares during the period. Swedbank AB bought a new stake in AvalonBay Communities during the first quarter worth approximately $4,532,000. Finally, Diversified Trust Co acquired a new stake in AvalonBay Communities in the second quarter worth approximately $1,139,000. 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.