Truist Financial Cuts AvalonBay Communities (NYSE:AVB) Price Target to $205.00

AvalonBay Communities (NYSE:AVB) had its target price lowered by Truist Financial from $218.00 to $205.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently commented on the stock. Cantor Fitzgerald started coverage on shares of AvalonBay Communities in a report on Wednesday, October 1st. They set a “neutral” rating and a $205.00 price target on the stock. Barclays raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $229.00 to $216.00 in a research report on Tuesday, November 25th. Mizuho reduced their target price on AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a report on Monday, November 24th. Royal Bank Of Canada decreased their price target on AvalonBay Communities from $202.00 to $197.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 4th. Finally, Scotiabank dropped their price objective on AvalonBay Communities from $215.00 to $193.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. Six investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $205.89.

AvalonBay Communities Price Performance

AVB opened at $179.30 on Tuesday. The stock has a 50-day moving average price of $182.81 and a 200-day moving average price of $192.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $25.39 billion, a PE ratio of 21.89, a P/E/G ratio of 2.99 and a beta of 0.74. AvalonBay Communities has a 1 year low of $166.73 and a 1 year high of $231.21.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Thursday, October 30th. The real estate investment trust reported $2.75 EPS for the quarter, missing the consensus estimate of $2.81 by ($0.06). The firm had revenue of $766.80 million for the quarter, compared to analysts’ expectations of $766.22 million. AvalonBay Communities had a net margin of 38.78% and a return on equity of 9.72%. During the same period last year, the company posted $2.74 earnings per share. Sell-side analysts predict that AvalonBay Communities will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $1.75 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $7.00 annualized dividend and a dividend yield of 3.9%. AvalonBay Communities’s payout ratio is presently 85.47%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Perpetual Ltd grew its stake in shares of AvalonBay Communities by 0.5% during the 2nd quarter. Perpetual Ltd now owns 10,650 shares of the real estate investment trust’s stock valued at $2,167,000 after purchasing an additional 50 shares during the period. CX Institutional boosted its holdings in shares of AvalonBay Communities by 6.3% in the second quarter. CX Institutional now owns 973 shares of the real estate investment trust’s stock worth $198,000 after buying an additional 58 shares during the last quarter. Probity Advisors Inc. grew its position in AvalonBay Communities by 2.7% during the second quarter. Probity Advisors Inc. now owns 2,243 shares of the real estate investment trust’s stock valued at $456,000 after buying an additional 60 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in AvalonBay Communities by 1.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust’s stock valued at $649,000 after buying an additional 60 shares during the last quarter. Finally, PFG Investments LLC increased its holdings in AvalonBay Communities by 4.4% during the third quarter. PFG Investments LLC now owns 1,456 shares of the real estate investment trust’s stock valued at $281,000 after buying an additional 61 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other 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.