AvalonBay Communities (NYSE:AVB) Given New $236.00 Price Target at Scotiabank

AvalonBay Communities (NYSE:AVB - Free Report) had its price target lowered by Scotiabank from $251.00 to $236.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust's stock.

AVB has been the subject of several other reports. Royal Bank of Canada cut their price objective on AvalonBay Communities from $223.00 to $220.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Truist Financial increased their price objective on AvalonBay Communities from $229.00 to $230.00 and gave the stock a "hold" rating in a report on Monday, March 10th. Barclays raised their target price on AvalonBay Communities from $227.00 to $240.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Zelman & Associates upgraded AvalonBay Communities from a "neutral" rating to an "outperform" rating in a report on Thursday, February 13th. Finally, Morgan Stanley raised their target price on AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $236.79.

AvalonBay Communities Stock Down 1.4%

AVB traded down $2.84 on Friday, reaching $205.99. 664,873 shares of the company traded hands, compared to its average volume of 726,831. The stock's 50 day moving average price is $204.19 and its 200-day moving average price is $213.49. AvalonBay Communities has a 52-week low of $180.40 and a 52-week high of $239.29. The company has a market cap of $29.33 billion, a price-to-earnings ratio of 27.14, a PEG ratio of 3.11 and a beta of 0.86. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 EPS for the quarter, beating analysts' consensus estimates of $2.80 by $0.03. AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. The firm had revenue of $693.43 million for the quarter, compared to the consensus estimate of $744.61 million. During the same period in the previous year, the firm posted $2.70 earnings per share. On average, sell-side analysts expect that AvalonBay Communities will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Monday, June 30th. AvalonBay Communities's dividend payout ratio is currently 87.17%.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds and other institutional investors have recently made changes to their positions in AVB. Proathlete Wealth Management LLC acquired a new stake in shares of AvalonBay Communities in the first quarter valued at about $29,000. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities during the first quarter worth about $33,000. Ancora Advisors LLC grew its position in AvalonBay Communities by 1,666.7% during the fourth quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 150 shares in the last quarter. Whipplewood Advisors LLC acquired a new stake in AvalonBay Communities during the fourth quarter worth about $36,000. Finally, Crowley Wealth Management Inc. acquired a new stake in AvalonBay Communities during the fourth quarter worth about $44,000. 92.61% of the stock is owned by institutional investors and hedge funds.

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.