Scotiabank Cuts AvalonBay Communities (NYSE:AVB) Price Target to $241.00

AvalonBay Communities (NYSE:AVB) had its price target reduced by investment analysts at Scotiabank from $244.00 to $241.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target would indicate a potential upside of 4.41% from the stock’s previous close.

A number of other equities analysts also recently commented on AVB. Truist Financial lifted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. UBS Group increased their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Evercore ISI upped their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company increased their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $226.88.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock traded down $2.28 during trading on Thursday, hitting $230.83. 80,964 shares of the company’s stock were exchanged, compared to its average volume of 724,119. The stock has a market capitalization of $32.83 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 3.36 and a beta of 0.97. AvalonBay Communities has a 52-week low of $166.60 and a 52-week high of $236.26. The business has a 50-day simple moving average of $226.23 and a 200-day simple moving average of $212.05. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.03 and a current ratio of 2.03.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The firm had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter last year, the firm posted $2.66 earnings per share. On average, research analysts forecast that AvalonBay Communities will post 11.04 EPS for the current year.

Insider Transactions at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy J. Naughton sold 2,261 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $233.78, for a total transaction of $528,576.58. Following the transaction, the director now owns 111,436 shares in the company, valued at approximately $26,051,508.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

A number of hedge funds and other institutional investors have recently made changes to their positions in AVB. Segment Wealth Management LLC lifted its position in AvalonBay Communities by 4.6% during the 3rd quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust’s stock worth $231,000 after acquiring an additional 45 shares during the period. SYSTM Wealth Solutions LLC lifted its holdings in shares of AvalonBay Communities by 2.7% during the second quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust’s stock worth $386,000 after purchasing an additional 49 shares during the period. Patrick M Sweeney & Associates Inc. grew its position in AvalonBay Communities by 4.1% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock valued at $286,000 after buying an additional 50 shares during the last quarter. Tectonic Advisors LLC raised its position in AvalonBay Communities by 2.7% during the 3rd quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust’s stock worth $436,000 after buying an additional 50 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its stake in shares of AvalonBay Communities by 4.6% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust’s stock worth $280,000 after acquiring an additional 55 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.