Evercore ISI Issues Pessimistic Forecast for AvalonBay Communities (NYSE:AVB) Stock Price

Key Points

• Evercore ISI has reduced its target price for AvalonBay Communities from $229.00 to $216.00, indicating a potential upside of 16.32% from the current stock price.
• The stock is currently rated as "Hold" by ten analysts, while six others have given it a "Buy" rating, with an average price target of $228.79.
• AvalonBay Communities has reported strong financials, with a recent earnings per share of $2.82, exceeding the consensus estimate of $2.80, despite a revenue of $689.90 million that fell short of expectations.

AvalonBay Communities (NYSE:AVB - Get Free Report) had its target price decreased by equities research analysts at Evercore ISI from $229.00 to $216.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price objective points to a potential upside of 16.32% from the stock's current price.

Several other analysts also recently weighed in on the company. Royal Bank Of Canada dropped their price target on AvalonBay Communities from $216.00 to $211.00 and set a "sector perform" rating on the stock in a research note on Friday. Barclays boosted their price target on AvalonBay Communities from $240.00 to $241.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Piper Sandler reiterated a "neutral" rating and set a $200.00 price target (down previously from $255.00) on shares of AvalonBay Communities in a research note on Monday. Mizuho dropped their price target on AvalonBay Communities from $238.00 to $213.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Finally, Morgan Stanley boosted their price target on AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a research note on Thursday, May 15th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $228.79.

AvalonBay Communities Stock Up 0.7%

AVB stock traded up $1.26 on Monday, hitting $185.70. 387,446 shares of the company's stock were exchanged, compared to its average volume of 800,721. AvalonBay Communities has a 12-month low of $180.40 and a 12-month high of $239.29. The firm has a 50 day moving average price of $202.91 and a two-hundred day moving average price of $208.35. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $26.44 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 2.48 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.02. The firm had revenue of $689.90 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $2.77 EPS. As a group, equities research analysts expect that AvalonBay Communities will post 11.48 EPS for the current fiscal year.

Insider Transactions at AvalonBay Communities

In related news, CFO Kevin P. O'shea sold 6,000 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $207.57, for a total value of $1,245,420.00. Following the completion of the transaction, the chief financial officer owned 22,782 shares of the company's stock, valued at approximately $4,728,859.74. This represents a 20.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward M. Schulman sold 5,945 shares of the company's 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 completion of the transaction, the executive vice president directly owned 17,617 shares of the company's stock, valued at $3,623,288.39. The trade was a 25.23% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On AvalonBay Communities

Several large investors have recently bought and sold shares of AVB. Price T Rowe Associates Inc. MD increased its stake in AvalonBay Communities by 35.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust's stock worth $1,133,328,000 after buying an additional 1,336,698 shares in the last quarter. Nuveen LLC purchased a new stake in AvalonBay Communities during the 1st quarter worth approximately $280,226,000. Northern Trust Corp increased its stake in AvalonBay Communities by 54.8% during the 4th quarter. Northern Trust Corp now owns 2,642,743 shares of the real estate investment trust's stock worth $581,324,000 after buying an additional 935,770 shares in the last quarter. Cohen & Steers Inc. increased its stake in AvalonBay Communities by 25.7% during the 4th quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust's stock worth $688,527,000 after buying an additional 639,402 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in AvalonBay Communities by 21,024.3% during the 1st quarter. GAMMA Investing LLC now owns 550,500 shares of the real estate investment trust's stock worth $118,148,000 after buying an additional 547,894 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

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.

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