AvalonBay Communities (NYSE:AVB) Upgraded by Mizuho to “Outperform” Rating

Mizuho upgraded shares of AvalonBay Communities (NYSE:AVB) from a neutral rating to an outperform rating in a research report sent to investors on Monday, MarketBeat.com reports. The firm currently has $242.00 price target on the real estate investment trust’s stock, up from their previous price target of $239.00.

Several other analysts have also commented on AVB. Deutsche Bank Aktiengesellschaft increased their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Evercore ISI increased their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their target price for the company from $247.00 to $262.00 in a research report on Tuesday, December 17th. Barclays assumed coverage on AvalonBay Communities in a research report on Tuesday, December 17th. They issued an “equal weight” rating and a $243.00 target price on the stock. Finally, Royal Bank of Canada cut their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $234.53.

AvalonBay Communities Stock Up 0.5 %

AvalonBay Communities stock opened at $212.30 on Monday. AvalonBay Communities has a twelve month low of $169.37 and a twelve month high of $239.29. The business has a fifty day moving average of $225.65 and a two-hundred day moving average of $220.14. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market cap of $30.20 billion, a P/E ratio of 29.04, a P/E/G ratio of 3.30 and a beta of 0.99.

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 the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business 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 company posted $2.66 EPS. On average, analysts forecast that AvalonBay Communities will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is 93.02%.

Insider Activity at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 2,261 shares of AvalonBay Communities stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the transaction, the director now owns 111,436 shares in the company, valued at $26,051,508.08. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.42% of the company’s stock.

Institutional Trading of AvalonBay Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of AvalonBay Communities by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock valued at $914,627,000 after buying an additional 55,588 shares in the last quarter. American Assets Capital Advisers LLC purchased a new position in AvalonBay Communities during the third quarter valued at $1,014,000. 1832 Asset Management L.P. lifted its holdings in AvalonBay Communities by 5.6% during the second quarter. 1832 Asset Management L.P. now owns 63,174 shares of the real estate investment trust’s stock valued at $13,070,000 after purchasing an additional 3,350 shares in the last quarter. KBC Group NV lifted its holdings in AvalonBay Communities by 284.8% during the third quarter. KBC Group NV now owns 146,429 shares of the real estate investment trust’s stock valued at $32,983,000 after purchasing an additional 108,371 shares in the last quarter. Finally, Swedbank AB lifted its holdings in AvalonBay Communities by 46.6% during the third quarter. Swedbank AB now owns 34,791 shares of the real estate investment trust’s stock valued at $7,837,000 after purchasing an additional 11,064 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

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.