AvalonBay Communities (NYSE:AVB) Given New $212.00 Price Target at Evercore ISI

AvalonBay Communities (NYSE:AVB) had its price objective decreased by Evercore ISI from $216.00 to $212.00 in a report published on Tuesday,Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the stock. UBS Group decreased their price objective on shares of AvalonBay Communities from $238.00 to $216.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Mizuho decreased their price objective on shares of AvalonBay Communities from $238.00 to $213.00 and set an “outperform” rating for the company in a research note on Friday, May 23rd. Morgan Stanley increased their price objective on shares of AvalonBay Communities from $226.00 to $228.00 and gave the company an “equal weight” rating in a research note on Thursday, May 15th. Barclays increased their price objective on shares of AvalonBay Communities from $240.00 to $241.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $200.00 price objective (down previously from $255.00) on shares of AvalonBay Communities in a research note on Monday, August 4th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $227.57.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $186.97 on Tuesday. AvalonBay Communities has a fifty-two week low of $180.40 and a fifty-two week high of $239.29. The stock has a market cap of $26.62 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 2.65 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50-day simple moving average is $200.46 and its 200 day simple moving average is $206.94.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.02. The business had revenue of $689.90 million for the quarter, compared to analysts’ expectations of $759.08 million. AvalonBay Communities had a net margin of 38.91% and a return on equity of 9.70%. During the same quarter last year, the firm earned $2.77 EPS. As a group, research analysts anticipate that AvalonBay Communities will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, June 30th. AvalonBay Communities’s payout ratio is 86.21%.

Insiders Place Their Bets

In other news, EVP Edward M. Schulman sold 5,945 shares of the business’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the transaction, the executive vice president directly owned 17,617 shares in the company, valued at $3,623,288.39. The trade was a 25.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin P. O’shea sold 6,000 shares of the business’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $207.57, for a total transaction of $1,245,420.00. Following the transaction, the chief financial officer owned 22,782 shares of the company’s stock, valued at $4,728,859.74. This trade represents a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Institutional Trading of AvalonBay Communities

A number of hedge funds have recently made changes to their positions in AVB. Proathlete Wealth Management LLC bought a new stake in shares of AvalonBay Communities during the 1st quarter worth $29,000. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities during the 1st quarter worth $33,000. Clearstead Trust LLC lifted its holdings in shares of AvalonBay Communities by 62.0% during the 2nd quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 62 shares during the last quarter. Ancora Advisors LLC lifted its holdings in shares of AvalonBay Communities by 1,666.7% during the 4th quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 150 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of AvalonBay Communities by 76.4% during the 2nd quarter. Sound Income Strategies LLC now owns 187 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 81 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

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.