Scotiabank Raises AvalonBay Communities (NYSE:AVB) Price Target to $195.00

AvalonBay Communities (NYSE:AVB) had its target price boosted by Scotiabank from $187.00 to $195.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 1.63% from the stock’s current price.

AVB has been the topic of several other reports. Barclays lowered their target price on AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Jefferies Financial Group raised shares of AvalonBay Communities to a “hold” rating in a report on Friday, June 26th. Piper Sandler raised their price target on AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Truist Financial increased their price objective on AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $195.67.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $191.88 on Thursday. The company has a market capitalization of $26.69 billion, a PE ratio of 27.81, a P/E/G ratio of 3.30 and a beta of 0.77. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $186.13 and a two-hundred day moving average price of $178.79. AvalonBay Communities has a 12 month low of $160.10 and a 12 month high of $205.00.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The business had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. During the same quarter last year, the firm posted $2.83 EPS. Analysts expect that AvalonBay Communities will post 11.28 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Auto Owners Insurance Co lifted its position in AvalonBay Communities by 18,031.0% during the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock valued at $213,677,000 after purchasing an additional 11,720,150 shares during the last quarter. State Street Corp increased its holdings in shares of AvalonBay Communities by 1.0% in the 3rd quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust’s stock worth $1,858,788,000 after buying an additional 92,467 shares during the last quarter. Norges Bank bought a new position in AvalonBay Communities in the fourth quarter valued at $1,394,635,000. JPMorgan Chase & Co. raised its holdings in shares of AvalonBay Communities by 22.4% during the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust’s stock valued at $935,551,000 after buying an additional 944,129 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in AvalonBay Communities by 9.3% in the 4th quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock worth $815,360,000 after buying an additional 383,983 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.