Brokerages Set AvalonBay Communities, Inc. (NYSE:AVB) Price Target at $231.33

Shares of AvalonBay Communities, Inc. (NYSE:AVB - Get Free Report) have received a consensus recommendation of "Hold" from the eighteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $231.33.

Several brokerages have recently commented on AVB. BNP Paribas initiated coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They set an "outperform" rating and a $250.00 price target on the stock. Evercore ISI lifted their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Royal Bank of Canada lowered their target price on AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Barclays assumed coverage on AvalonBay Communities in a research note on Tuesday, December 17th. They set an "equal weight" rating and a $243.00 price target for the company. Finally, JPMorgan Chase & Co. upgraded shares of AvalonBay Communities from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $247.00 to $262.00 in a research report on Tuesday, December 17th.

Insiders Place Their Bets

In other news, Director Timothy J. Naughton sold 2,261 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $233.78, for a total transaction of $528,576.58. Following the transaction, the director now directly owns 111,436 shares in the company, valued at $26,051,508.08. This represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.42% of the company's stock.

Hedge Funds Weigh In On AvalonBay Communities

Several institutional investors and hedge funds have recently bought and sold shares of the stock. RPg Family Wealth Advisory LLC acquired a new position in shares of AvalonBay Communities in the 3rd quarter valued at about $26,000. Brooklyn Investment Group acquired a new position in AvalonBay Communities during the third quarter valued at approximately $39,000. Mather Group LLC. grew its stake in AvalonBay Communities by 38.6% during the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust's stock worth $45,000 after buying an additional 56 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of AvalonBay Communities in the third quarter worth $51,000. Finally, Global X Japan Co. Ltd. acquired a new stake in shares of AvalonBay Communities in the second quarter worth $70,000. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

Shares of AVB stock traded down $2.13 during trading hours on Friday, reaching $221.18. 362,487 shares of the company's stock were exchanged, compared to its average volume of 712,802. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The company's 50 day moving average is $227.38 and its two-hundred day moving average is $219.45. The company has a market cap of $31.46 billion, a P/E ratio of 30.26, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98. AvalonBay Communities has a 1 year low of $169.37 and a 1 year high of $239.29.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). The business had revenue of $734.31 million during the quarter, compared to analysts' expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same quarter in the previous year, the company posted $2.66 EPS. Equities research analysts anticipate that AvalonBay Communities will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 3.07%. AvalonBay Communities's dividend payout ratio (DPR) is presently 93.02%.

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.