AvalonBay Communities (NYSE:AVB) Price Target Raised to $230.00 at Truist Financial

AvalonBay Communities (NYSE:AVB - Get Free Report) had its price objective lifted by Truist Financial from $213.00 to $230.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price target suggests a potential upside of 3.92% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Scotiabank upped their price objective on AvalonBay Communities from $218.00 to $229.00 and gave the stock a "sector perform" rating in a research note on Monday. Morgan Stanley increased their price target on AvalonBay Communities from $203.00 to $209.00 and gave the company an "overweight" rating in a research note on Tuesday, May 14th. Royal Bank of Canada increased their price target on AvalonBay Communities from $207.00 to $214.00 and gave the company a "sector perform" rating in a research note on Friday, August 2nd. Argus increased their price target on AvalonBay Communities from $188.00 to $212.00 and gave the company a "buy" rating in a research note on Tuesday, April 30th. Finally, JPMorgan Chase & Co. increased their price target on AvalonBay Communities from $194.00 to $212.00 and gave the company a "neutral" rating in a research note on Monday, June 17th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, AvalonBay Communities has a consensus rating of "Hold" and a consensus target price of $214.06.

AvalonBay Communities Trading Up 0.6 %

AvalonBay Communities stock traded up $1.41 during mid-day trading on Tuesday, hitting $221.33. The company's stock had a trading volume of 526,638 shares, compared to its average volume of 717,034. The company has a 50 day moving average of $207.78 and a 200-day moving average of $194.51. The stock has a market cap of $31.47 billion, a PE ratio of 32.95, 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 quick ratio of 1.07 and a current ratio of 1.07. AvalonBay Communities has a one year low of $160.45 and a one year high of $222.97.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued 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). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $726.04 million during the quarter, compared to analysts' expectations of $718.49 million. During the same quarter in the prior year, the company posted $2.66 earnings per share. On average, research analysts anticipate that AvalonBay Communities will post 10.97 EPS for the current year.

Insider Activity

In other 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 transaction, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities 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 transaction, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities 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 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. Company insiders own 0.42% of the company's stock.

Hedge Funds Weigh In On AvalonBay Communities

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in AvalonBay Communities in the fourth quarter valued at $1,271,756,000. Principal Financial Group Inc. raised its position in AvalonBay Communities by 2.4% in the first quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust's stock valued at $883,098,000 after purchasing an additional 109,585 shares during the period. Dimensional Fund Advisors LP raised its position in AvalonBay Communities by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust's stock valued at $429,145,000 after purchasing an additional 13,631 shares during the period. Canada Pension Plan Investment Board raised its position in AvalonBay Communities by 14.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust's stock valued at $367,534,000 after purchasing an additional 249,400 shares during the period. Finally, Clearbridge Investments LLC raised its position in AvalonBay Communities by 0.5% in the first quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust's stock valued at $342,824,000 after purchasing an additional 8,809 shares during the period. Hedge funds and other 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.