AvalonBay Communities (NYSE:AVB) Price Target Cut to $216.00 by Analysts at Evercore ISI

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 price target lowered by Evercore ISI from $229.00 to $216.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price target would suggest a potential upside of 15.14% from the company's previous close.

A number of other research firms also recently weighed in on AVB. Mizuho decreased 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. Wall Street Zen upgraded shares of AvalonBay Communities from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Morgan Stanley increased their price target on shares of AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. reduced their price objective on AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating for the company in a report on Tuesday, June 17th. Finally, Piper Sandler restated a "neutral" rating and set a $200.00 target price (down previously from $255.00) on shares of AvalonBay Communities in a research report on Monday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $228.79.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB traded down $0.64 during midday trading on Monday, hitting $187.61. The stock had a trading volume of 46,353 shares, compared to its average volume of 814,278. AvalonBay Communities has a 1 year low of $180.40 and a 1 year high of $239.29. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average price of $201.64 and a two-hundred day moving average price of $207.60. The company has a market capitalization of $26.71 billion, a PE ratio of 23.10, a P/E/G ratio of 2.51 and a beta of 0.86.

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

Insiders Place Their Bets

In other news, EVP Edward M. Schulman sold 5,945 shares of the firm'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 transaction, the executive vice president directly owned 17,617 shares in the company, valued at $3,623,288.39. This trade represents a 25.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin P. O'shea sold 6,000 shares of the business'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 sale, the chief financial officer owned 22,782 shares of the company's stock, valued at $4,728,859.74. The trade was a 20.85% decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

About AvalonBay Communities

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.