Wells Fargo & Company Raises AvalonBay Communities (NYSE:AVB) Price Target to $222.00

AvalonBay Communities (NYSE:AVB) had its price objective lifted by Wells Fargo & Company from $210.00 to $222.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of AvalonBay Communities from $194.00 to $212.00 and gave the company a neutral rating in a research note on Monday, June 17th. Morgan Stanley raised their target price on AvalonBay Communities from $203.00 to $209.00 and gave the stock an overweight rating in a research report on Tuesday, May 14th. Scotiabank upped their price target on AvalonBay Communities from $193.00 to $213.00 and gave the company a sector perform rating in a research report on Tuesday, May 14th. Royal Bank of Canada lifted their price objective on AvalonBay Communities from $191.00 to $196.00 and gave the stock a sector perform rating in a report on Monday, April 29th. Finally, UBS Group upped their price objective on shares of AvalonBay Communities from $199.00 to $210.00 and gave the company a neutral rating in a report on Tuesday, May 14th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $206.89.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $206.89 on Thursday. The company has a market capitalization of $29.42 billion, a PE ratio of 30.79, a PEG ratio of 3.01 and a beta of 0.93. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average price is $196.75 and its 200-day moving average price is $186.89. AvalonBay Communities has a twelve month low of $160.45 and a twelve month high of $208.45.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The business had revenue of $712.86 million during the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same quarter last year, the company earned $2.57 EPS. On average, equities analysts anticipate that AvalonBay Communities will post 10.92 EPS for the current year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.29%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

Hedge Funds Weigh In On AvalonBay Communities

A number of institutional investors have recently added to or reduced their stakes in AVB. Norges Bank purchased a new position in shares of AvalonBay Communities during the fourth quarter worth about $1,271,756,000. Principal Financial Group Inc. grew its stake in AvalonBay Communities by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock worth $883,098,000 after buying an additional 109,585 shares in the last quarter. Deutsche Bank AG raised its position in shares of AvalonBay Communities by 6.5% during the 3rd quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock valued at $428,778,000 after buying an additional 151,995 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of AvalonBay Communities by 17.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock worth $394,690,000 after acquiring an additional 341,332 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in AvalonBay Communities by 14.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after acquiring an additional 249,400 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

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.