AvalonBay Communities (NYSE:AVB) Price Target Raised to $218.00 at Barclays

AvalonBay Communities (NYSE:AVB) had its price target lifted by Barclays from $204.00 to $218.00 in a report released on Monday, Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler increased their price target on AvalonBay Communities from $207.00 to $230.00 and gave the stock an overweight rating in a report on Monday. Wolfe Research cut shares of AvalonBay Communities from an outperform rating to a peer perform rating in a research note on Tuesday, January 2nd. The Goldman Sachs Group reaffirmed a neutral rating and issued a $191.00 target price on shares of AvalonBay Communities in a report on Thursday, February 22nd. Mizuho cut their price target on shares of AvalonBay Communities from $188.00 to $185.00 and set a neutral rating for the company in a report on Wednesday, February 28th. Finally, Morgan Stanley raised AvalonBay Communities from an equal weight rating to an overweight rating and lifted their price objective for the company from $175.00 to $191.50 in a report on Monday, February 26th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $199.78.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $191.02 on Monday. AvalonBay Communities has a one year low of $160.45 and a one year high of $198.65. The stock has a market capitalization of $27.16 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 3.23 and a beta of 0.92. The company has a 50-day simple moving average of $182.93 and a 200-day simple moving average of $178.78. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $2.64 by ($1.42). AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. The company had revenue of $712.86 million for the quarter, compared to analysts’ expectations of $706.61 million. During the same period in the prior year, the company earned $2.57 earnings per share. On average, analysts predict that AvalonBay Communities will post 10.84 EPS for the current year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.65. AvalonBay Communities’s payout ratio is 101.19%.

Insider Buying and Selling

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the transaction, the chief financial officer now directly owns 31,308 shares in the company, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Kevin P. O’shea sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total value of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Joanne M. Lockridge sold 1,750 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Byrne Asset Management LLC boosted its stake in shares of AvalonBay Communities by 270.0% during the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 135 shares during the last quarter. Castleview Partners LLC boosted its position in AvalonBay Communities by 1,542.9% during the third quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 216 shares during the last quarter. Pinnacle Bancorp Inc. grew its stake in AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 75 shares during the period. Arlington Trust Co LLC purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $45,000. Finally, Lindbrook Capital LLC raised its holdings in AvalonBay Communities by 53.7% in the 3rd quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 109 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

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.