AvalonBay Communities (NYSE:AVB) Price Target Raised to $218.00 at Barclays

AvalonBay Communities (NYSE:AVB) had its price objective boosted by investment analysts at Barclays from $204.00 to $218.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 13.68% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $191.00 price target on shares of AvalonBay Communities in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft started coverage on AvalonBay Communities in a report on Tuesday, January 30th. They set a “buy” rating and a $206.00 price target on the stock. Morgan Stanley raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $175.00 to $191.50 in a research note on Monday, February 26th. Mizuho decreased their target price on AvalonBay Communities from $188.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Finally, Truist Financial lowered their price target on AvalonBay Communities from $201.00 to $197.00 and set a “hold” rating on the stock in a report on Tuesday, April 9th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $199.78.

AvalonBay Communities Stock Performance

NYSE AVB traded up $0.31 during trading hours on Monday, hitting $191.76. 238,280 shares of the company’s stock traded hands, compared to its average volume of 809,325. AvalonBay Communities has a 52 week low of $160.45 and a 52 week high of $198.65. The firm has a market capitalization of $27.26 billion, a P/E ratio of 28.61, a P/E/G 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 business’s fifty day moving average price is $182.66 and its two-hundred day moving average price is $178.68.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 EPS for the quarter, missing the consensus estimate of $2.73 by ($1.03). The company had revenue of $704.71 million during the quarter, compared to analysts’ expectations of $701.67 million. AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. During the same quarter last year, the company earned $2.59 earnings per share. Equities research analysts predict that AvalonBay Communities will post 10.84 EPS for the current year.

Insider Activity

In other news, EVP Joanne M. Lockridge sold 1,750 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Kevin P. O’shea sold 5,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 31,308 shares in the company, valued at approximately $5,812,330.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in AvalonBay Communities in the 4th quarter valued at $1,271,756,000. Deutsche Bank AG grew its holdings in shares of AvalonBay Communities by 6.5% in the third quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock worth $428,778,000 after purchasing an additional 151,995 shares during the last quarter. Wellington Management Group LLP increased its stake in AvalonBay Communities by 17.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock worth $394,690,000 after buying an additional 341,332 shares during the period. Northern Trust Corp lifted its holdings in AvalonBay Communities by 5.9% during the 3rd quarter. Northern Trust Corp now owns 2,278,363 shares of the real estate investment trust’s stock valued at $391,286,000 after buying an additional 126,288 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in AvalonBay Communities by 1.4% in the 4th quarter. Clearbridge Investments LLC now owns 1,838,702 shares of the real estate investment trust’s stock valued at $344,242,000 after buying an additional 25,625 shares during the period. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

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.