AvalonBay Communities (NYSE:AVB) Price Target Lowered to $212.00 at Evercore ISI

Key Points

• Evercore ISI has lowered the price target for AvalonBay Communities from $216.00 to $212.00, suggesting a potential upside of 14.52% from its current price.
• Analysts have mixed ratings on the stock, with a consensus rating of "Hold" and an average price target of $228.50, as some firms like Barclays and Morgan Stanley raised their targets while others like Royal Bank of Canada decreased them.
• AvalonBay reported an EPS of $2.82 for the last quarter, exceeding analyst expectations, despite revenues falling below consensus estimates at $689.90 million.

AvalonBay Communities (NYSE:AVB - Get Free Report) had its price target dropped by research analysts at Evercore ISI from $216.00 to $212.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price objective indicates a potential upside of 11.47% from the stock's current price.

Several other equities research analysts have also weighed in on the company. Royal Bank Of Canada reduced their price objective on AvalonBay Communities from $216.00 to $211.00 and set a "sector perform" rating for the company in a research note on Friday, August 1st. Scotiabank decreased their target price on AvalonBay Communities from $251.00 to $236.00 and set a "sector perform" rating for the company in a research report on Friday, June 13th. Barclays raised their target price on AvalonBay Communities from $240.00 to $241.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Morgan Stanley raised their target price on AvalonBay Communities from $226.00 to $228.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 15th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $200.00 target price (down previously from $255.00) on shares of AvalonBay Communities in a research report on Monday, August 4th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $225.64.

AvalonBay Communities Stock Up 0.5%

NYSE AVB traded up $0.87 on Tuesday, hitting $190.19. 767,538 shares of the stock traded hands, compared to its average volume of 917,636. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.71. The stock has a 50-day moving average of $199.66 and a 200 day moving average of $206.42. AvalonBay Communities has a twelve month low of $180.40 and a twelve month high of $239.29. The company has a market capitalization of $27.08 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 2.71 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 EPS for the quarter, beating the consensus estimate of $2.80 by $0.02. The company had revenue of $689.90 million during the quarter, compared to analyst estimates of $759.08 million. AvalonBay Communities had a return on equity of 9.70% and a net margin of 38.91%. During the same period in the prior year, the company earned $2.77 earnings per share. As a group, analysts expect that AvalonBay Communities will post 11.48 earnings per share for the current fiscal year.

Insider Activity at AvalonBay Communities

In related news, CFO Kevin P. O'shea sold 6,000 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $207.57, for a total value of $1,245,420.00. Following the completion of the sale, the chief financial officer owned 22,782 shares in the company, valued at $4,728,859.74. This represents a 20.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward M. Schulman sold 5,945 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $205.67, for a total value of $1,222,708.15. Following the transaction, the executive vice president owned 17,617 shares of the company's stock, valued at approximately $3,623,288.39. This trade represents a 25.23% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds have recently bought and sold shares of the company. Perpetual Ltd increased its holdings in shares of AvalonBay Communities by 0.5% during the second quarter. Perpetual Ltd now owns 10,650 shares of the real estate investment trust's stock worth $2,167,000 after purchasing an additional 50 shares during the period. Baker Tilly Wealth Management LLC boosted its position in AvalonBay Communities by 1.8% in the first quarter. Baker Tilly Wealth Management LLC now owns 3,247 shares of the real estate investment trust's stock valued at $697,000 after buying an additional 58 shares in the last quarter. CX Institutional boosted its position in AvalonBay Communities by 6.3% in the second quarter. CX Institutional now owns 973 shares of the real estate investment trust's stock valued at $198,000 after buying an additional 58 shares in the last quarter. Golden State Equity Partners boosted its position in AvalonBay Communities by 3.7% in the first quarter. Golden State Equity Partners now owns 1,661 shares of the real estate investment trust's stock valued at $356,000 after buying an additional 60 shares in the last quarter. Finally, Probity Advisors Inc. boosted its position in AvalonBay Communities by 2.7% in the second quarter. Probity Advisors Inc. now owns 2,243 shares of the real estate investment trust's stock valued at $456,000 after buying an additional 60 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.