Morgan Stanley Raises AvalonBay Communities (NYSE:AVB) Price Target to $218.00

AvalonBay Communities (NYSE:AVB) had its price objective hoisted by research analysts at Morgan Stanley from $210.00 to $218.00 in a research note issued on Friday, The Fly reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective suggests a potential upside of 1.56% from the company’s previous close. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued reports about the company. Piper Sandler upgraded AvalonBay Communities from an “underweight” rating to a “neutral” rating and raised their target price for the company from $147.00 to $205.00 in a report on Friday, April 30th. BTIG Research increased their price target on AvalonBay Communities from $206.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, June 3rd. Zacks Investment Research raised AvalonBay Communities from a “strong sell” rating to a “hold” rating and set a $200.00 price target on the stock in a research report on Wednesday, April 14th. Mizuho raised AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $231.00 price target on the stock in a research report on Thursday, June 3rd. Finally, KeyCorp raised AvalonBay Communities from a “sector weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research report on Monday, March 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $191.69.

Shares of AvalonBay Communities stock opened at $214.66 on Friday. The firm’s 50-day moving average price is $196.94. AvalonBay Communities has a 12 month low of $131.38 and a 12 month high of $216.64. The stock has a market cap of $29.97 billion, a PE ratio of 37.53, a price-to-earnings-growth ratio of 9.42 and a beta of 0.93. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Tuesday, April 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.92). AvalonBay Communities had a net margin of 35.63% and a return on equity of 7.47%. The firm had revenue of $497.44 million for the quarter, compared to analysts’ expectations of $544.98 million. During the same quarter last year, the business earned $2.39 earnings per share. The business’s revenue was down 9.1% compared to the same quarter last year. Equities research analysts anticipate that AvalonBay Communities will post 7.83 EPS for the current year.

In related news, CFO Kevin P. O’shea sold 3,000 shares of the stock in a transaction on Monday, May 24th. The shares were sold at an average price of $204.19, for a total transaction of $612,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Keri A. Shea sold 994 shares of the stock in a transaction on Thursday, June 3rd. The stock was sold at an average price of $212.94, for a total transaction of $211,662.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,265 shares of company stock worth $1,083,860. 0.36% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. The PNC Financial Services Group Inc. boosted its stake in AvalonBay Communities by 4.9% during the 1st quarter. The PNC Financial Services Group Inc. now owns 15,489 shares of the real estate investment trust’s stock worth $2,858,000 after purchasing an additional 717 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of AvalonBay Communities by 216.2% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 296,286 shares of the real estate investment trust’s stock worth $47,533,000 after acquiring an additional 202,588 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of AvalonBay Communities by 0.7% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 134,982 shares of the real estate investment trust’s stock worth $21,655,000 after acquiring an additional 937 shares during the period. Illinois Municipal Retirement Fund lifted its stake in shares of AvalonBay Communities by 87.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 10,605 shares of the real estate investment trust’s stock worth $1,701,000 after acquiring an additional 4,934 shares during the period. Finally, Shell Asset Management Co. lifted its stake in shares of AvalonBay Communities by 2.9% in the 1st quarter. Shell Asset Management Co. now owns 6,987 shares of the real estate investment trust’s stock worth $1,289,000 after acquiring an additional 197 shares during the period. Hedge funds and other institutional investors own 86.70% of the company’s stock.

AvalonBay Communities Company Profile

As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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