Evercore ISI Increases AvalonBay Communities (NYSE:AVB) Price Target to $223.00

AvalonBay Communities (NYSE:AVB) had its price target boosted by Evercore ISI from $216.00 to $223.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on AVB. Wells Fargo & Company increased their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an overweight rating in a report on Monday, August 26th. Royal Bank of Canada raised their target price on shares of AvalonBay Communities from $207.00 to $214.00 and gave the stock a sector perform rating in a report on Friday, August 2nd. Morgan Stanley lifted their price target on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an overweight rating in a research note on Tuesday, May 14th. Mizuho increased their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. Finally, Piper Sandler boosted their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an overweight rating in a research report on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $214.47.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB opened at $225.73 on Wednesday. The firm’s 50 day simple moving average is $209.44 and its 200 day simple moving average is $195.59. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $226.18. The company has a market capitalization of $32.10 billion, a price-to-earnings ratio of 33.59, a P/E/G ratio of 3.09 and a beta of 0.96. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). The firm had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter last year, the business posted $2.66 earnings per share. As a group, sell-side analysts forecast that AvalonBay Communities will post 10.97 earnings per share for the current year.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the transaction, the executive now directly owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Institutional Trading of AvalonBay Communities

Several institutional investors and hedge funds have recently bought and sold shares of the business. Opal Wealth Advisors LLC bought a new position in shares of AvalonBay Communities during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc lifted its holdings in AvalonBay Communities by 1,877.8% during the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 169 shares during the last quarter. BROOKFIELD Corp ON bought a new position in AvalonBay Communities during the first quarter worth $39,000. Pinnacle Bancorp Inc. increased its holdings in shares of AvalonBay Communities by 50.0% in the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of AvalonBay Communities by 38.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 73 shares during the period. Institutional investors own 92.61% of the company’s stock.

About AvalonBay Communities

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.