AvalonBay Communities (NYSE:AVB) Hits New 12-Month High After Analyst Upgrade

AvalonBay Communities, Inc. (NYSE:AVB) shares hit a new 52-week high on Wednesday after Zelman & Associates upgraded the stock to a hold rating. The stock traded as high as $230.31 and last traded at $230.10, with a volume of 651332 shares trading hands. The stock had previously closed at $229.36.

A number of other equities analysts have also recently commented on the stock. Wells Fargo & Company boosted their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Truist Financial increased their price target on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of AvalonBay Communities from $194.00 to $212.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. Finally, Royal Bank of Canada lifted their price objective on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $218.94.

Insider Transactions at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related 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 transaction of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the transaction, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On AvalonBay Communities

Institutional investors have recently made changes to their positions in the stock. SYSTM Wealth Solutions LLC increased its position in shares of AvalonBay Communities by 2.7% in the second quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust’s stock valued at $386,000 after acquiring an additional 49 shares during the period. Checchi Capital Advisers LLC grew its holdings in shares of AvalonBay Communities by 4.6% in the second quarter. Checchi Capital Advisers LLC now owns 1,338 shares of the real estate investment trust’s stock worth $277,000 after acquiring an additional 59 shares during the period. Mechanics Bank Trust Department increased its stake in shares of AvalonBay Communities by 0.3% in the 2nd quarter. Mechanics Bank Trust Department now owns 17,934 shares of the real estate investment trust’s stock worth $3,710,000 after purchasing an additional 60 shares in the last quarter. SVB Wealth LLC lifted its holdings in AvalonBay Communities by 1.1% during the first quarter. SVB Wealth LLC now owns 5,529 shares of the real estate investment trust’s stock valued at $1,026,000 after purchasing an additional 62 shares in the last quarter. Finally, Profund Advisors LLC lifted its stake in AvalonBay Communities by 2.9% in the 2nd quarter. Profund Advisors LLC now owns 2,202 shares of the real estate investment trust’s stock worth $456,000 after purchasing an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Trading Up 0.3 %

The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $212.41 and its 200-day moving average is $198.35. The company has a market cap of $32.70 billion, a PE ratio of 34.04, a P/E/G ratio of 3.03 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company earned $2.66 EPS. As a group, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11 EPS for the current year.

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.