Truist Financial Raises AvalonBay Communities (NYSE:AVB) Price Target to $230.00

AvalonBay Communities (NYSE:AVB) had its target price raised by Truist Financial from $229.00 to $230.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price indicates a potential upside of 4.33% from the company’s previous close.

AVB has been the subject of several other reports. Scotiabank decreased their price objective on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a report on Thursday, November 14th. Morgan Stanley cut shares of AvalonBay Communities from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $236.00 to $223.00 in a research report on Friday, January 24th. Piper Sandler cut their price objective on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating on the stock in a report on Tuesday, February 11th. Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $239.00 to $242.00 in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $247.00 to $262.00 in a report on Tuesday, December 17th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, AvalonBay Communities presently has an average rating of “Moderate Buy” and an average price target of $238.64.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded up $2.01 during mid-day trading on Monday, hitting $220.46. 23,904 shares of the company’s stock traded hands, compared to its average volume of 619,419. The company has a market capitalization of $31.36 billion, a P/E ratio of 29.05, a PEG ratio of 3.11 and a beta of 1.00. AvalonBay Communities has a 1 year low of $177.40 and a 1 year high of $239.29. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. The company’s 50-day moving average is $218.81 and its two-hundred day moving average is $223.73.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data 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%. On average, equities analysts anticipate that AvalonBay Communities will post 11.48 EPS for the current fiscal year.

Institutional Investors Weigh In On AvalonBay Communities

Several large investors have recently bought and sold shares of AVB. Assetmark Inc. boosted its stake in shares of AvalonBay Communities by 6.2% in the third quarter. Assetmark Inc. now owns 16,308 shares of the real estate investment trust’s stock worth $3,673,000 after acquiring an additional 956 shares during the last quarter. Atria Investments Inc increased its holdings in shares of AvalonBay Communities by 4.0% in the third quarter. Atria Investments Inc now owns 15,487 shares of the real estate investment trust’s stock valued at $3,488,000 after purchasing an additional 602 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in AvalonBay Communities by 39.8% during the third quarter. Axxcess Wealth Management LLC now owns 2,998 shares of the real estate investment trust’s stock worth $675,000 after buying an additional 853 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of AvalonBay Communities in the 3rd quarter worth $4,456,000. Finally, Apollon Wealth Management LLC raised its holdings in shares of AvalonBay Communities by 10.4% during the 3rd quarter. Apollon Wealth Management LLC now owns 1,112 shares of the real estate investment trust’s stock worth $251,000 after acquiring an additional 105 shares during the period. 92.61% of the stock is currently 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.