AvalonBay Communities (NYSE:AVB) Hits New 1-Year High – What’s Next?

Shares of AvalonBay Communities, Inc. (NYSE:AVB) hit a new 52-week high during trading on Tuesday . The stock traded as high as $236.30 and last traded at $236.04, with a volume of 337136 shares traded. The stock had previously closed at $232.90.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Piper Sandler increased their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. BNP Paribas started coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 target price for the company. 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 note on Wednesday, November 6th. Finally, Scotiabank reduced their price objective on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research note on Thursday, November 14th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $226.88.

AvalonBay Communities Stock Up 1.0 %

The stock has a 50-day moving average of $226.60 and a 200 day moving average of $214.71. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $33.83 billion, a PE ratio of 32.52, a P/E/G ratio of 3.40 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same quarter in the previous year, the firm earned $2.66 earnings per share. Sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Insider Transactions at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now owns 87,239 shares in the company, valued at approximately $20,367,689.33. This represents a 21.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AvalonBay Communities

Several institutional investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC purchased a new stake in shares of AvalonBay Communities during the 3rd quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new position in AvalonBay Communities during the second quarter valued at approximately $32,000. Versant Capital Management Inc increased its holdings in AvalonBay Communities by 1,877.8% during the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 169 shares during the period. Brooklyn Investment Group purchased a new stake in AvalonBay Communities in the 3rd quarter worth approximately $39,000. Finally, Mather Group LLC. boosted its holdings in AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 56 shares during the period. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Company Profile

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.