AvalonBay Communities Inc (NYSE:AVB) Receives $224.00 Average Target Price from Analysts

AvalonBay Communities Inc (NYSE:AVB) has been assigned a consensus rating of “Buy” from the sixteen brokerages that are presently covering the firm, Marketbeat.com reports. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $224.00.

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of AvalonBay Communities from $214.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Morgan Stanley boosted their price target on shares of AvalonBay Communities from $217.00 to $229.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. Evercore ISI raised shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $225.00 price target for the company in a research report on Tuesday, November 19th. BTIG Research upped their price target on shares of AvalonBay Communities to $235.00 and gave the stock a “positive” rating in a research report on Thursday, August 15th. Finally, Goldman Sachs Group initiated coverage on shares of AvalonBay Communities in a research note on Friday, November 8th. They set a “buy” rating and a $244.00 price objective on the stock.

In related news, COO Sean J. Breslin sold 777 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $213.51, for a total transaction of $165,897.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy J. Naughton sold 26,634 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $213.60, for a total transaction of $5,689,022.40. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. Parnassus Investments CA acquired a new stake in AvalonBay Communities in the 2nd quarter valued at about $281,643,000. Nuveen Asset Management LLC grew its position in shares of AvalonBay Communities by 157.1% in the second quarter. Nuveen Asset Management LLC now owns 2,135,697 shares of the real estate investment trust’s stock valued at $433,931,000 after purchasing an additional 1,305,014 shares in the last quarter. State Street Corp grew its position in shares of AvalonBay Communities by 2.5% in the third quarter. State Street Corp now owns 10,133,144 shares of the real estate investment trust’s stock valued at $2,197,253,000 after purchasing an additional 243,424 shares in the last quarter. California Public Employees Retirement System grew its position in shares of AvalonBay Communities by 25.6% in the second quarter. California Public Employees Retirement System now owns 1,071,065 shares of the real estate investment trust’s stock valued at $217,619,000 after purchasing an additional 218,169 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of AvalonBay Communities by 1.0% in the second quarter. Vanguard Group Inc. now owns 20,446,914 shares of the real estate investment trust’s stock valued at $4,154,404,000 after purchasing an additional 195,316 shares during the last quarter. 93.13% of the stock is currently owned by hedge funds and other institutional investors.

AVB opened at $215.94 on Friday. The company has a market capitalization of $30.16 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 3.76 and a beta of 0.45. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.69. AvalonBay Communities has a 12-month low of $167.01 and a 12-month high of $222.87. The business’s fifty day simple moving average is $215.28 and its 200-day simple moving average is $210.52.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.80. AvalonBay Communities had a return on equity of 9.35% and a net margin of 45.56%. The firm had revenue of $587.61 million during the quarter, compared to the consensus estimate of $585.86 million. During the same period in the previous year, the company posted $1.39 earnings per share. On average, equities research analysts predict that AvalonBay Communities will post 9.3 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.52 per share. The ex-dividend date is Monday, December 30th. This represents a $6.08 annualized dividend and a yield of 2.82%. AvalonBay Communities’s dividend payout ratio (DPR) is 67.56%.

About AvalonBay Communities

As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.

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Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

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