AvalonBay Communities (NYSE:AVB) Upgraded to "Hold" at Jefferies Financial Group

Key Points

• Jefferies Financial Group upgraded AvalonBay Communities to “Hold,” adding to a broadly cautious analyst consensus. The stock now has 3 Buy ratings and 15 Hold ratings, with an average target price of $196.80.
• AvalonBay reported stronger-than-expected quarterly earnings, posting $2.86 EPS versus the $1.23 consensus estimate. Revenue came in at $712.17 million, below expectations, while net margin was 37.21% and return on equity 9.56%.
• The stock was trading near the upper end of its recent range, opening at $190.27 compared with a 52-week low of $160.10 and high of $204.68. AvalonBay also has significant institutional ownership, with hedge funds and institutions holding 92.61% of shares.

AvalonBay Communities (NYSE:AVB - Get Free Report) was upgraded by investment analysts at Jefferies Financial Group to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on AVB. Piper Sandler upped their target price on AvalonBay Communities from $195.00 to $210.00 and gave the stock a "neutral" rating in a research note on Tuesday. Truist Financial lifted their price target on AvalonBay Communities from $201.00 to $202.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. UBS Group lowered their price target on AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Cantor Fitzgerald upped their price objective on AvalonBay Communities from $186.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. Finally, Wall Street Zen raised AvalonBay Communities from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to MarketBeat, AvalonBay Communities has an average rating of "Hold" and an average target price of $196.80.

AvalonBay Communities Price Performance

AVB stock opened at $190.27 on Wednesday. The company's 50-day moving average price is $187.17 and its two-hundred day moving average price is $179.29. The firm has a market cap of $27.03 billion, a P/E ratio of 27.58, a P/E/G ratio of 3.32 and a beta of 0.77. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities has a 12 month low of $160.10 and a 12 month high of $204.68.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $1.63. The company had revenue of $712.17 million during the quarter, compared to the consensus estimate of $772.37 million. AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. During the same quarter in the prior year, the firm posted $2.82 EPS. On average, analysts anticipate that AvalonBay Communities will post 11.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AvalonBay Communities

Institutional investors and hedge funds have recently bought and sold shares of the company. Auto Owners Insurance Co lifted its position in shares of AvalonBay Communities by 18,031.0% in the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock worth $213,677,000 after purchasing an additional 11,720,150 shares during the period. Norges Bank acquired a new position in shares of AvalonBay Communities during the fourth quarter valued at about $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AvalonBay Communities by 15,065.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust's stock valued at $326,552,000 after purchasing an additional 1,789,195 shares during the last quarter. Bank of America Corp DE boosted its position in shares of AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust's stock valued at $455,077,000 after buying an additional 1,017,286 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of AvalonBay Communities by 22.4% in the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust's stock worth $935,551,000 after acquiring an additional 944,129 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

About AvalonBay Communities

AvalonBay Communities, Inc NYSE: AVB is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay's core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay's operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.

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