AvalonBay Communities (NYSE:AVB) PT Raised to $224.00

AvalonBay Communities (NYSE:AVBGet Rating) had its price target hoisted by UBS Group from $209.00 to $224.00 in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

AVB has been the subject of a number of other reports. Morgan Stanley reduced their target price on shares of AvalonBay Communities from $225.00 to $210.00 and set an overweight rating for the company in a report on Friday, July 15th. KeyCorp dropped their price target on shares of AvalonBay Communities from $275.00 to $237.00 and set an overweight rating for the company in a research report on Tuesday, June 28th. Evercore ISI set a $231.00 price target on shares of AvalonBay Communities in a research report on Monday, June 20th. Truist Financial dropped their price target on shares of AvalonBay Communities from $263.00 to $224.00 and set a hold rating for the company in a research report on Friday, June 24th. Finally, Jefferies Financial Group dropped their price target on shares of AvalonBay Communities from $214.00 to $174.00 and set a hold rating for the company in a research report on Thursday, June 30th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities currently has an average rating of Hold and a consensus price target of $239.63.

AvalonBay Communities Price Performance

NYSE AVB opened at $207.77 on Friday. The company has a 50-day moving average price of $197.50 and a 200-day moving average price of $223.72. AvalonBay Communities has a 52 week low of $183.35 and a 52 week high of $259.05. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $29.05 billion, a P/E ratio of 35.70, a PEG ratio of 3.56 and a beta of 0.93.

AvalonBay Communities (NYSE:AVBGet Rating) last announced its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. The business had revenue of $644.56 million during the quarter, compared to analysts’ expectations of $632.41 million. During the same period in the prior year, the company earned $1.98 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. Equities research analysts anticipate that AvalonBay Communities will post 9.73 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a $1.59 dividend. This represents a $6.36 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Wednesday, June 29th. AvalonBay Communities’s dividend payout ratio is currently 109.28%.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of AvalonBay Communities by 1.7% in the first quarter. Vanguard Group Inc. now owns 22,760,053 shares of the real estate investment trust’s stock valued at $5,652,914,000 after acquiring an additional 390,568 shares during the period. BlackRock Inc. increased its stake in AvalonBay Communities by 6.3% in the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock worth $3,843,305,000 after buying an additional 898,161 shares during the period. State Street Corp increased its stake in AvalonBay Communities by 3.5% in the 1st quarter. State Street Corp now owns 9,694,109 shares of the real estate investment trust’s stock worth $2,422,751,000 after buying an additional 330,066 shares during the period. Norges Bank purchased a new position in AvalonBay Communities in the 4th quarter worth about $1,499,421,000. Finally, Principal Financial Group Inc. increased its stake in AvalonBay Communities by 1.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,814,714 shares of the real estate investment trust’s stock worth $1,195,830,000 after buying an additional 71,564 shares during the period. Hedge funds and other institutional investors own 90.98% of the company’s stock.

AvalonBay Communities Company Profile

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As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

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