AvalonBay Communities (NYSE:AVB) Hits New 52-Week High at $213.76

AvalonBay Communities, Inc. (NYSE:AVB) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $213.76 and last traded at $211.10, with a volume of 24806 shares changing hands. The stock had previously closed at $204.92.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVB shares. Argus lifted their price objective on AvalonBay Communities from $188.00 to $212.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Barclays lifted their price target on AvalonBay Communities from $204.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, April 29th. UBS Group lifted their price target on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Morgan Stanley lifted their price target on AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Finally, Wells Fargo & Company lifted their price target on AvalonBay Communities from $210.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $207.76.

AvalonBay Communities Price Performance

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50-day moving average of $201.69 and a 200-day moving average of $189.88. The firm has a market capitalization of $30.30 billion, a price-to-earnings ratio of 31.74, a price-to-earnings-growth ratio of 3.01 and a beta of 0.96.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $6.80 annualized dividend and a dividend yield of 3.19%. AvalonBay Communities’s dividend payout ratio is presently 101.19%.

Hedge Funds Weigh In On AvalonBay Communities

Institutional investors and hedge funds have recently modified their holdings of the business. Lasalle Investment Management Securities LLC lifted its stake in AvalonBay Communities by 3.1% in the 4th quarter. Lasalle Investment Management Securities LLC now owns 602,642 shares of the real estate investment trust’s stock valued at $112,827,000 after acquiring an additional 18,320 shares in the last quarter. Delta Investment Management LLC bought a new stake in shares of AvalonBay Communities during the 4th quarter worth approximately $873,000. GSI Capital Advisors LLC raised its stake in shares of AvalonBay Communities by 21.3% during the 4th quarter. GSI Capital Advisors LLC now owns 50,774 shares of the real estate investment trust’s stock worth $9,506,000 after purchasing an additional 8,925 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of AvalonBay Communities by 14.4% during the 4th quarter. Van ECK Associates Corp now owns 58,931 shares of the real estate investment trust’s stock worth $11,033,000 after purchasing an additional 7,397 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of AvalonBay Communities by 2.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 994,505 shares of the real estate investment trust’s stock worth $186,191,000 after purchasing an additional 21,760 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

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.