Royal Bank of Canada Has Lowered Expectations for AvalonBay Communities (NYSE:AVB) Stock Price

AvalonBay Communities (NYSE:AVB) had its target price lowered by Royal Bank of Canada from $234.00 to $233.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price suggests a potential upside of 3.61% from the stock’s previous close.

A number of other brokerages have also recently issued reports on AVB. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft raised their target price 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. Evercore ISI upped their price target on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company upped their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $227.06.

AvalonBay Communities Stock Down 0.7 %

Shares of NYSE:AVB traded down $1.49 during trading hours on Wednesday, reaching $224.89. The stock had a trading volume of 152,909 shares, compared to its average volume of 727,019. AvalonBay Communities has a 1 year low of $164.76 and a 1 year high of $236.26. 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 stock has a market capitalization of $31.98 billion, a price-to-earnings ratio of 38.19, a P/E/G ratio of 3.29 and a beta of 0.97. The firm’s 50 day moving average is $225.62 and its 200-day moving average is $210.50.

AvalonBay Communities (NYSE:AVB) last released 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). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter in the prior year, the business earned $2.66 EPS. Research analysts predict that AvalonBay Communities will post 11.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AvalonBay Communities

Several large investors have recently bought and sold shares of the business. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $32,000. Versant Capital Management Inc increased its holdings in AvalonBay Communities by 1,877.8% in the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 169 shares during the last quarter. Mather Group LLC. lifted its stake in AvalonBay Communities by 38.6% in the third 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. BROOKFIELD Corp ON bought a new position in AvalonBay Communities during the first quarter worth about $39,000. 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. 92.61% of the stock is currently owned by institutional investors and hedge funds.

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.