Evercore ISI Raises AvalonBay Communities (NYSE:AVB) Price Target to $225.00

AvalonBay Communities (NYSE:AVB) had its price objective increased by Evercore ISI from $223.00 to $225.00 in a report issued on Monday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on the company. 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 note on Friday, August 2nd. UBS Group increased their price target on AvalonBay Communities from $210.00 to $228.00 and gave the company a neutral rating in a report on Thursday, July 18th. Morgan Stanley boosted their price objective on shares of AvalonBay Communities from $203.00 to $209.00 and gave the stock an overweight rating in a research note on Tuesday, May 14th. Scotiabank upped their price objective on shares of AvalonBay Communities from $218.00 to $229.00 and gave the stock a sector perform rating in a report on Monday, August 26th. Finally, Truist Financial lifted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a hold rating in a report on Tuesday, August 27th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $218.94.

AvalonBay Communities Price Performance

Shares of AVB opened at $229.95 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market cap of $32.70 billion, a PE ratio of 34.22, a PEG ratio of 3.03 and a beta of 0.97. The firm’s 50 day moving average price is $212.99 and its 200 day moving average price is $198.57. AvalonBay Communities has a twelve month low of $160.45 and a twelve month high of $230.31.

AvalonBay Communities (NYSE:AVB) last released its quarterly 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 business had revenue of $726.04 million for the quarter, compared to the consensus estimate 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 posted $2.66 EPS. As a group, research analysts expect that AvalonBay Communities will post 11 EPS for the current fiscal year.

Insider Transactions at AvalonBay Communities

In other AvalonBay Communities 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 value 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 document filed with the SEC, which is available through this link. In related news, SVP Keri A. Shea sold 2,000 shares of the company’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 owns 4,383 shares in the company, valued at approximately $908,026.11. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s 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 completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $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

Large investors have recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities during the second quarter worth $32,000. Versant Capital Management Inc raised its holdings in AvalonBay Communities by 1,877.8% during the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 169 shares during the last quarter. BROOKFIELD Corp ON acquired a new position in AvalonBay Communities during the 1st quarter valued at about $39,000. Pinnacle Bancorp Inc. boosted its stake in shares of AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of AvalonBay Communities by 38.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after buying an additional 73 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.