AvalonBay Communities (NYSE:AVB) Price Target Lowered to $220.00 at Royal Bank of Canada

AvalonBay Communities (NYSE:AVB) had its price target decreased by equities research analysts at Royal Bank of Canada from $223.00 to $220.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 7.11% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on AVB. Morgan Stanley cut shares of AvalonBay Communities from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $236.00 to $223.00 in a research note on Friday, January 24th. Zelman & Associates raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Barclays raised their price objective on shares of AvalonBay Communities from $226.00 to $227.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Piper Sandler cut their target price on AvalonBay Communities from $265.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Finally, BMO Capital Markets cut AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 price target on the stock. in a research report on Friday, April 4th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $238.86.

AvalonBay Communities Trading Up 0.5 %

AvalonBay Communities stock opened at $205.40 on Thursday. AvalonBay Communities has a 52-week low of $180.40 and a 52-week high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $29.24 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 3.11 and a beta of 0.86. The firm has a 50-day moving average price of $206.99 and a two-hundred day moving average price of $217.57.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.03. The business had revenue of $693.43 million during the quarter, compared to analyst estimates of $744.61 million. AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. During the same period in the prior year, the company posted $2.70 EPS. Sell-side analysts expect that AvalonBay Communities will post 11.48 earnings per share for the current year.

Institutional Trading of AvalonBay Communities

Several institutional investors and hedge funds have recently bought and sold shares of AVB. Norges Bank acquired a new stake in shares of AvalonBay Communities during the fourth quarter valued at approximately $1,499,050,000. Price T Rowe Associates Inc. MD raised its stake in AvalonBay Communities by 35.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust’s stock valued at $1,133,328,000 after purchasing an additional 1,336,698 shares during the period. Northern Trust Corp lifted its holdings in shares of AvalonBay Communities by 54.8% in the fourth quarter. Northern Trust Corp now owns 2,642,743 shares of the real estate investment trust’s stock valued at $581,324,000 after purchasing an additional 935,770 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of AvalonBay Communities by 49.9% in the fourth quarter. Wellington Management Group LLP now owns 2,488,975 shares of the real estate investment trust’s stock worth $547,500,000 after buying an additional 828,009 shares during the period. Finally, Cohen & Steers Inc. grew its holdings in shares of AvalonBay Communities by 25.7% during the fourth quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust’s stock valued at $688,527,000 after buying an additional 639,402 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.