AvalonBay Communities (NYSE:AVB) Price Target Cut to $220.00 by Analysts at Evercore ISI

AvalonBay Communities (NYSE:AVBGet Rating) had its price target decreased by analysts at Evercore ISI from $230.00 to $220.00 in a research report issued on Monday, The Fly reports. Evercore ISI’s price target would suggest a potential upside of 8.92% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. UBS Group increased their price target on AvalonBay Communities from $209.00 to $224.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Credit Suisse Group initiated coverage on AvalonBay Communities in a report on Wednesday, June 22nd. They set a “neutral” rating and a $208.00 price target on the stock. Jefferies Financial Group cut their price target on AvalonBay Communities from $214.00 to $174.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Morgan Stanley increased their price target on AvalonBay Communities from $210.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 11th. Finally, Truist Financial increased their price target on AvalonBay Communities to $228.00 in a report on Tuesday, August 23rd. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $241.75.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $201.98 on Monday. The business’s 50 day simple moving average is $205.45 and its 200 day simple moving average is $215.93. AvalonBay Communities has a one year low of $183.35 and a one year high of $259.05. The stock has a market capitalization of $28.24 billion, a PE ratio of 34.70, a PEG ratio of 3.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78.

AvalonBay Communities (NYSE:AVBGet Rating) last announced its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. AvalonBay Communities had a return on equity of 7.47% and a net margin of 33.39%. The business had revenue of $644.56 million for the quarter, compared to analysts’ expectations of $632.41 million. During the same period in the prior year, the business posted $1.98 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. As a group, research analysts forecast that AvalonBay Communities will post 9.83 earnings per share for the current year.

Institutional Investors Weigh In On AvalonBay Communities

Large investors have recently made changes to their positions in the business. Rise Advisors LLC purchased a new stake in shares of AvalonBay Communities during the 4th quarter valued at $30,000. Riverview Trust Co purchased a new stake in shares of AvalonBay Communities during the 1st quarter valued at $32,000. Ronald Blue Trust Inc. purchased a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $43,000. Anson Funds Management LP purchased a new stake in shares of AvalonBay Communities during the 1st quarter valued at $52,000. Finally, Clear Street Markets LLC increased its position in shares of AvalonBay Communities by 414.0% during the 2nd quarter. Clear Street Markets LLC now owns 293 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 236 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Company Profile

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As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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