AvalonBay Communities (NYSE:AVB) PT Lowered to $220.00

AvalonBay Communities (NYSE:AVBGet Rating) had its price target trimmed by Evercore ISI from $230.00 to $220.00 in a report issued on Monday, The Fly reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

AVB has been the subject of several other research reports. Wolfe Research raised AvalonBay Communities from a peer perform rating to an outperform rating and set a $292.00 price target for the company in a research report on Wednesday, August 24th. Mizuho lifted their target price on AvalonBay Communities from $212.00 to $220.00 and gave the company a buy rating in a report on Monday. UBS Group lifted their target price on AvalonBay Communities from $209.00 to $224.00 and gave the company a neutral rating in a report on Friday, July 29th. Jefferies Financial Group reduced their price objective on AvalonBay Communities from $214.00 to $174.00 and set a hold rating on the stock in a research note on Thursday, June 30th. Finally, Truist Financial boosted their price objective on AvalonBay Communities to $228.00 in a research note on Tuesday, August 23rd. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, AvalonBay Communities currently has an average rating of Hold and a consensus target price of $241.75.

AvalonBay Communities Trading Down 0.3 %

NYSE:AVB opened at $188.48 on Monday. AvalonBay Communities has a 52-week low of $183.35 and a 52-week high of $259.05. The stock’s 50 day moving average price is $205.61 and its 200 day moving average price is $214.86. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $26.36 billion, a PE ratio of 32.38, a P/E/G ratio of 3.20 and a beta of 0.94.

AvalonBay Communities (NYSE:AVBGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. AvalonBay Communities had a return on equity of 7.47% and a net margin of 33.39%. The business had revenue of $644.56 million during the quarter, compared to analysts’ expectations of $632.41 million. During the same period last year, the firm earned $1.98 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts anticipate that AvalonBay Communities will post 9.83 EPS for the current year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, September 29th. AvalonBay Communities’s payout ratio is 109.28%.

Hedge Funds Weigh In On AvalonBay Communities

Several hedge funds have recently bought and sold shares of AVB. Independent Advisor Alliance bought a new stake in shares of AvalonBay Communities in the first quarter valued at about $428,000. Concentric Wealth Management LLC raised its position in AvalonBay Communities by 2.3% in the first quarter. Concentric Wealth Management LLC now owns 15,691 shares of the real estate investment trust’s stock worth $3,897,000 after purchasing an additional 350 shares in the last quarter. Vident Investment Advisory LLC raised its position in AvalonBay Communities by 2.5% in the fourth quarter. Vident Investment Advisory LLC now owns 28,367 shares of the real estate investment trust’s stock worth $7,166,000 after purchasing an additional 692 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of AvalonBay Communities by 1,434.7% during the first quarter. Acadian Asset Management LLC now owns 39,059 shares of the real estate investment trust’s stock worth $9,698,000 after buying an additional 36,514 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of AvalonBay Communities by 133.9% during the first quarter. CWM LLC now owns 641 shares of the real estate investment trust’s stock worth $159,000 after buying an additional 367 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Company Profile

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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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