Robert W. Baird upgraded shares of AvalonBay Communities (NYSE:AVB) from a neutral rating to an outperform rating in a research report report published on Thursday, Benzinga reports. Robert W. Baird currently has $215.00 price target on the real estate investment trust’s stock, up from their previous price target of $198.00.
Several other research analysts also recently issued reports on the company. Zacks Investment Research downgraded AvalonBay Communities from a buy rating to a hold rating in a research note on Thursday, January 17th. KeyCorp lifted their price target on AvalonBay Communities from $199.00 to $207.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. Citigroup downgraded AvalonBay Communities from a buy rating to a neutral rating and lifted their price target for the stock from $190.00 to $205.00 in a research note on Thursday, February 21st. They noted that the move was a valuation call. Argus reaffirmed a buy rating and set a $215.00 price target on shares of AvalonBay Communities in a research note on Tuesday, April 30th. Finally, Mizuho downgraded AvalonBay Communities from a buy rating to a neutral rating and set a $210.00 price target for the company. in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $202.38.
AvalonBay Communities stock traded up $0.09 during midday trading on Thursday, reaching $202.85. The company’s stock had a trading volume of 4,586 shares, compared to its average volume of 436,757. AvalonBay Communities has a fifty-two week low of $156.93 and a fifty-two week high of $204.53. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market cap of $27.98 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 3.84 and a beta of 0.59.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.02. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The company had revenue of $459.80 million during the quarter, compared to the consensus estimate of $575.92 million. During the same quarter last year, the company earned $2.18 earnings per share. AvalonBay Communities’s quarterly revenue was up 3.4% compared to the same quarter last year. Sell-side analysts predict that AvalonBay Communities will post 9.33 EPS for the current year.
In related news, EVP Edward M. Schulman sold 4,092 shares of AvalonBay Communities stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $198.94, for a total transaction of $814,062.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Keri A. Shea sold 1,131 shares of AvalonBay Communities stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $200.09, for a total value of $226,301.79. The disclosure for this sale can be found here. Insiders have sold a total of 95,468 shares of company stock valued at $18,777,790 in the last ninety days. Corporate insiders own 0.42% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Cornerstone Advisors Inc. increased its position in AvalonBay Communities by 85.5% during the 1st quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 59 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in AvalonBay Communities during the 1st quarter worth about $27,000. Legacy Financial Advisors Inc. grew its holdings in AvalonBay Communities by 54.0% in the 4th quarter. Legacy Financial Advisors Inc. now owns 174 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 61 shares during the period. Coastal Investment Advisors Inc. purchased a new stake in AvalonBay Communities in the 1st quarter valued at about $30,000. Finally, WP Advisors LLC purchased a new stake in AvalonBay Communities in the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.
AvalonBay Communities Company Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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