Scotiabank Issues Positive Forecast for AvalonBay Communities (NYSE:AVB) Stock Price

Key Points

• Scotiabank raised its price target on AvalonBay Communities to $195 from $187, while keeping a “sector perform” rating. The new target implies modest upside from the prior close.
• Other analysts remain mixed on AVB: Truist has a buy rating, while several firms including RBC and Piper Sandler are more cautious, and the consensus rating is currently Hold with an average target near $195.67.
• The stock recently traded at $189.71 and the company posted mixed quarterly results, missing EPS expectations but slightly beating revenue estimates. AvalonBay also has a large institutional ownership base, with investors holding about 92.61% of shares.

AvalonBay Communities (NYSE:AVB - Get Free Report) had its target price lifted by analysts at Scotiabank from $187.00 to $195.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price would indicate a potential upside of 2.79% from the stock's previous close.

A number of other brokerages have also recently issued reports on AVB. Royal Bank Of Canada boosted their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 29th. Truist Financial raised their price target on shares of AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of AvalonBay Communities in a research note on Monday. Piper Sandler boosted their price objective on shares of AvalonBay Communities from $183.00 to $195.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, Wells Fargo & Company cut their price objective on shares of AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating for the company in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $195.67.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock traded up $0.59 on Thursday, hitting $189.71. The stock had a trading volume of 119,532 shares, compared to its average volume of 1,110,063. The stock has a market cap of $26.39 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 3.40 and a beta of 0.77. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities has a twelve month low of $160.10 and a twelve month high of $205.00. The business's 50 day moving average is $185.86 and its two-hundred day moving average is $178.62.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings results 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 net margin of 37.21% and a return on equity of 9.56%. The firm had revenue of $770.28 million during the quarter, compared to the consensus estimate of $768.80 million. During the same quarter last year, the firm earned $2.83 earnings per share. Analysts forecast that AvalonBay Communities will post 11.28 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Reflection Asset Management bought a new stake in AvalonBay Communities during the 4th quarter worth $25,000. Clearstead Trust LLC boosted its stake in shares of AvalonBay Communities by 56.0% during the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 56 shares in the last quarter. Zions Bancorporation National Association UT boosted its stake in shares of AvalonBay Communities by 300.0% during the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. BOKF NA bought a new stake in shares of AvalonBay Communities during the third quarter worth about $31,000. Finally, Elyxium Wealth LLC acquired a new position in shares of AvalonBay Communities in the fourth quarter valued at approximately $32,000. Institutional investors own 92.61% of the company's stock.

About AvalonBay Communities

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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