AvalonBay Communities (NYSE:AVB) PT Raised to $212.00 at Argus

AvalonBay Communities (NYSE:AVB) had its price target upped by analysts at Argus from $188.00 to $212.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Argus’ price objective would indicate a potential upside of 11.25% from the stock’s previous close.

AVB has been the subject of several other reports. Barclays lifted their price objective on shares of AvalonBay Communities from $204.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial dropped their price objective on AvalonBay Communities from $201.00 to $197.00 and set a “hold” rating on the stock in a report on Tuesday, April 9th. Royal Bank of Canada increased their price target on shares of AvalonBay Communities from $191.00 to $196.00 and gave the company a “sector perform” rating in a research note on Monday. KeyCorp reissued a “sector weight” rating on shares of AvalonBay Communities in a report on Friday, January 5th. Finally, Mizuho decreased their price target on shares of AvalonBay Communities from $188.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $200.50.

AvalonBay Communities Stock Down 0.2 %

NYSE:AVB traded down $0.46 during midday trading on Tuesday, reaching $190.56. The company had a trading volume of 73,618 shares, compared to its average volume of 808,412. AvalonBay Communities has a 12-month low of $160.45 and a 12-month high of $198.65. The firm has a market capitalization of $27.09 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 3.23 and a beta of 0.92. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.68. The stock’s fifty day simple moving average is $182.93 and its 200-day simple moving average is $178.78.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The company had revenue of $712.86 million for the quarter, compared to analyst estimates of $706.61 million. AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. During the same period in the prior year, the firm posted $2.57 earnings per share. On average, sell-side analysts anticipate that AvalonBay Communities will post 10.84 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On AvalonBay Communities

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in AvalonBay Communities by 2.4% during the first quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock worth $883,098,000 after acquiring an additional 109,585 shares during the last quarter. Prestige Wealth Management Group LLC purchased a new stake in shares of AvalonBay Communities during the 1st quarter worth about $318,000. Advocate Group LLC increased its position in AvalonBay Communities by 6.9% during the 1st quarter. Advocate Group LLC now owns 21,541 shares of the real estate investment trust’s stock worth $3,997,000 after purchasing an additional 1,391 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in AvalonBay Communities by 10.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 87,755 shares of the real estate investment trust’s stock valued at $16,284,000 after buying an additional 8,649 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in AvalonBay Communities by 9.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 41,271 shares of the real estate investment trust’s stock valued at $7,658,000 after buying an additional 3,500 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Company Profile

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.