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

AvalonBay Communities (NYSE:AVB) had its target price decreased by Scotiabank from $244.00 to $241.00 in a research note issued to investors on Thursday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Truist Financial boosted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Royal Bank of Canada dropped their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft raised their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, UBS Group lifted their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Hold” and a consensus price target of $226.88.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $229.41 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 2.03. AvalonBay Communities has a 1 year low of $166.60 and a 1 year high of $236.26. The company’s 50-day moving average is $226.38 and its 200 day moving average is $212.43. The stock has a market capitalization of $32.63 billion, a P/E ratio of 31.38, a P/E/G ratio of 3.40 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (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 during the quarter, compared to the consensus estimate of $731.67 million. During the same period in the prior year, the company posted $2.66 EPS. On average, sell-side analysts expect that AvalonBay Communities will post 11.04 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 2,261 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $233.78, for a total value of $528,576.58. Following the transaction, the director now owns 111,436 shares of the company’s stock, valued at approximately $26,051,508.08. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On AvalonBay Communities

Several institutional investors have recently made changes to their positions in the business. Segment Wealth Management LLC increased its holdings in AvalonBay Communities by 4.6% during the third quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 45 shares during the last quarter. SYSTM Wealth Solutions LLC raised its holdings in AvalonBay Communities by 2.7% in the 2nd 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. lifted its position in AvalonBay Communities by 4.1% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 50 shares in the last quarter. Tectonic Advisors LLC grew its holdings in AvalonBay Communities by 2.7% during the third quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust’s stock valued at $436,000 after purchasing an additional 50 shares during the period. Finally, OneDigital Investment Advisors LLC increased its position in AvalonBay Communities by 4.6% in the third quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust’s stock worth $280,000 after buying an additional 55 shares in the last quarter. 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.