Piper Sandler Raises AvalonBay Communities (NYSE:AVB) Price Target to $210.00

Key Points

• Piper Sandler raised AvalonBay Communities’ price target from $195 to $210, while keeping a neutral rating. The new target implies about 10.14% upside from the prior close.
• Analyst sentiment remains mixed but generally cautious: the stock has 3 Buy ratings and 15 Hold ratings, with a consensus target price of $196.80.
• AvalonBay shares were trading at $190.66, near recent highs, after the company recently reported Q1 EPS of $2.33, which missed estimates even though revenue came in roughly in line.

AvalonBay Communities (NYSE:AVB - Get Free Report) had its target price boosted by research analysts at Piper Sandler from $195.00 to $210.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. Piper Sandler's target price indicates a potential upside of 10.14% from the company's previous close.

A number of other research analysts have also commented on AVB. Wall Street Zen raised AvalonBay Communities from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Wells Fargo & Company dropped their price target on shares of AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. UBS Group decreased their price objective on shares of AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Morgan Stanley reissued an "equal weight" rating and set a $203.00 target price (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. Finally, Scotiabank upped their price target on shares of AvalonBay Communities from $187.00 to $195.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Three analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, AvalonBay Communities currently has an average rating of "Hold" and a consensus target price of $196.80.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded down $1.18 during mid-day trading on Tuesday, reaching $190.66. 182,649 shares of the company traded hands, compared to its average volume of 1,097,281. The stock has a fifty day simple moving average of $187.02 and a 200-day simple moving average of $179.16. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market cap of $27.09 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 3.35 and a beta of 0.77. AvalonBay Communities has a fifty-two week low of $160.10 and a fifty-two week high of $204.68.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The company had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. During the same quarter in the previous year, the firm posted $2.83 EPS. Equities research analysts anticipate that AvalonBay Communities will post 11.28 EPS for the current fiscal year.

Hedge Funds Weigh In On AvalonBay Communities

Several large investors have recently added to or reduced their stakes in AVB. Reflection Asset Management bought a new position in shares of AvalonBay Communities during the 4th quarter worth about $25,000. Clearstead Trust LLC raised its position in AvalonBay Communities by 56.0% in the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 56 shares in the last quarter. Zions Bancorporation National Association UT raised its position in AvalonBay Communities by 300.0% in the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 120 shares in the last quarter. BOKF NA bought a new position in AvalonBay Communities during the third quarter worth about $31,000. Finally, Elyxium Wealth LLC bought a new position in AvalonBay Communities during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Company Profile

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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