AvalonBay Communities (NYSE:AVB) Price Target Raised to $230.00

AvalonBay Communities (NYSE:AVB) had its target price increased by Truist Financial from $229.00 to $230.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other research firms also recently weighed in on AVB. Morgan Stanley downgraded AvalonBay Communities from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $236.00 to $223.00 in a research report on Friday, January 24th. Barclays lowered their price target on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Scotiabank reduced their price objective on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. Zelman & Associates raised AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $247.00 to $262.00 in a research note on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.64.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $210.02 on Monday. The company has a market cap of $29.88 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 3.11 and a beta of 1.00. AvalonBay Communities has a 52 week low of $177.40 and a 52 week high of $239.29. The business has a 50 day moving average price of $218.41 and a 200-day moving average price of $223.57. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.68.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. Equities analysts anticipate that AvalonBay Communities will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.75 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Monday, March 31st. AvalonBay Communities’s payout ratio is presently 92.23%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. RPg Family Wealth Advisory LLC acquired a new position in shares of AvalonBay Communities during the third quarter worth $26,000. Ancora Advisors LLC increased its stake in shares of AvalonBay Communities by 1,666.7% in the fourth quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 150 shares during the last quarter. Whipplewood Advisors LLC bought a new stake in shares of AvalonBay Communities in the fourth quarter worth $36,000. Brooklyn Investment Group bought a new stake in shares of AvalonBay Communities in the third quarter worth $39,000. Finally, Crowley Wealth Management Inc. bought a new stake in shares of AvalonBay Communities in the fourth quarter worth $44,000. 92.61% of the stock is owned by institutional investors and hedge funds.

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.