AvalonBay Communities (NYSE:AVB) PT Lowered to $197.00

AvalonBay Communities (NYSE:AVB - Get Free Report) had its target price cut by analysts at Truist Financial from $201.00 to $197.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would suggest a potential upside of 4.29% from the company's previous close.

Other equities analysts also recently issued research reports about the company. KeyCorp reiterated a "sector weight" rating on shares of AvalonBay Communities in a research note on Friday, January 5th. Mizuho cut their price target on AvalonBay Communities from $188.00 to $185.00 and set a "neutral" rating for the company in a research note on Wednesday, February 28th. Wolfe Research cut AvalonBay Communities from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $185.00 price objective on shares of AvalonBay Communities in a report on Friday, February 2nd. Finally, Barclays raised shares of AvalonBay Communities from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $194.00 to $204.00 in a research report on Tuesday, February 20th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $196.78.

AvalonBay Communities Stock Performance

Shares of NYSE AVB traded up $2.72 during mid-day trading on Tuesday, reaching $188.90. 873,840 shares of the company's stock were exchanged, compared to its average volume of 806,429. The firm has a 50-day moving average price of $179.64 and a two-hundred day moving average price of $177.38. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization of $26.86 billion, a price-to-earnings ratio of 28.69, a price-to-earnings-growth ratio of 3.36 and a beta of 0.92. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $198.65.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.73 by ($1.03). The company had revenue of $704.71 million for the quarter, compared to analysts' expectations of $701.67 million. AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. During the same quarter last year, the business posted $2.59 EPS. Analysts predict that AvalonBay Communities will post 10.82 EPS for the current year.

Insider Buying and Selling

In other AvalonBay Communities news, CFO Kevin P. O'shea sold 5,000 shares of the firm's stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $185.65, for a total value of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company's stock, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other AvalonBay Communities news, CFO Kevin P. O'shea sold 5,000 shares of the business's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the transaction, the chief financial officer now owns 31,308 shares of the company's stock, valued at approximately $5,812,330.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Joanne M. Lockridge sold 1,750 shares of the firm's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $185.10, for a total transaction of $323,925.00. Following the sale, the executive vice president now owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of AvalonBay Communities in the 4th quarter worth approximately $1,271,756,000. Wellington Management Group LLP lifted its stake in AvalonBay Communities by 57.1% in the first quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust's stock worth $531,516,000 after purchasing an additional 777,631 shares during the last quarter. JPMorgan Chase & Co. boosted its position in AvalonBay Communities by 18.5% during the first quarter. JPMorgan Chase & Co. now owns 4,863,429 shares of the real estate investment trust's stock valued at $817,348,000 after buying an additional 759,388 shares during the period. Long Pond Capital LP grew its stake in shares of AvalonBay Communities by 255.8% during the fourth quarter. Long Pond Capital LP now owns 767,824 shares of the real estate investment trust's stock valued at $124,019,000 after buying an additional 552,042 shares during the last quarter. Finally, State Street Corp grew its stake in shares of AvalonBay Communities by 5.6% during the first quarter. State Street Corp now owns 10,087,597 shares of the real estate investment trust's stock valued at $1,711,547,000 after buying an additional 531,677 shares during the last quarter. Institutional investors own 92.61% of the company's stock.

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.