Truist Financial Increases AvalonBay Communities (NYSE:AVB) Price Target to $213.00

AvalonBay Communities (NYSE:AVB - Free Report) had its price objective hoisted by Truist Financial from $207.00 to $213.00 in a research report report published on Monday morning, Benzinga reports. They currently have a hold rating on the real estate investment trust's stock.

Several other brokerages also recently weighed in on AVB. Wells Fargo & Company increased their price target on AvalonBay Communities from $189.00 to $210.00 and gave the stock an overweight rating in a report on Friday, May 31st. Piper Sandler raised their target price on AvalonBay Communities from $207.00 to $230.00 and gave the company an overweight rating in a report on Monday, April 29th. JPMorgan Chase & Co. raised their target price on AvalonBay Communities from $194.00 to $212.00 and gave the company a neutral rating in a report on Monday, June 17th. Scotiabank raised their target price on AvalonBay Communities from $193.00 to $213.00 and gave the company a sector perform rating in a report on Tuesday, May 14th. Finally, Argus raised their target price on AvalonBay Communities from $188.00 to $212.00 and gave the company a buy rating in a report on Tuesday, April 30th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, AvalonBay Communities presently has an average rating of Hold and an average target price of $206.22.

AvalonBay Communities Stock Performance

Shares of NYSE AVB traded up $2.52 during mid-day trading on Monday, hitting $206.41. 931,665 shares of the company were exchanged, compared to its average volume of 745,907. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $194.84 and a 200-day simple moving average of $186.12. AvalonBay Communities has a 1-year low of $160.45 and a 1-year high of $208.12. The firm has a market cap of $29.35 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the consensus estimate of $2.64 by ($1.42). AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. The company had revenue of $712.86 million for the quarter, compared to analyst estimates of $706.61 million. During the same period in the prior year, the business earned $2.57 earnings per share. On average, sell-side analysts forecast that AvalonBay Communities will post 10.91 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, June 28th. AvalonBay Communities's dividend payout ratio is presently 101.19%.

Institutional Trading of AvalonBay Communities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Byrne Asset Management LLC increased its position in AvalonBay Communities by 270.0% during the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 135 shares in the last quarter. BROOKFIELD Corp ON purchased a new stake in AvalonBay Communities during the 1st quarter worth about $39,000. Pinnacle Bancorp Inc. increased its position in AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust's stock worth $42,000 after purchasing an additional 75 shares in the last quarter. Arlington Trust Co LLC purchased a new stake in AvalonBay Communities during the 4th quarter worth about $45,000. Finally, Bear Mountain Capital Inc. purchased a new stake in AvalonBay Communities during the 4th quarter worth about $66,000. Hedge funds and other institutional investors 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.