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Stock analysts at Morgan Stanley started coverage on shares of AvalonBay Communities (NYSE:AVB) in a report issued on Tuesday, Analyst RN reports. The firm set an “equal weight” rating and a $138.00 price target on the stock. Morgan Stanley’s price objective points to a potential upside of 13.01% from the company’s current price.

The analysts wrote, “AVB is a ‘blue chip’ that is inexpensive today on P/NAV (-13%) relative to historical P/NAV (+6%). Investors should own AVB for its top quality mgmt team, portfolio, and platform before it becomes expensive again, but we think they should wait. Multiple headwinds and a lack of positive catalysts will keep AVB range-bound for awhile. We want to own AVB when development value spreads are widening, construction costs are moderating, capital is getting cheaper, and apartment fundamentals are early in the cycle; today is the opposite.”

Shares of AvalonBay Communities (NYSE:AVB) traded up 0.34% on Tuesday, hitting $122.53. The stock had a trading volume of 293,007 shares. AvalonBay Communities has a one year low of $116.03 and a one year high of $141.95. The stock has a 50-day moving average of $123.0 and a 200-day moving average of $129.6. The company has a market cap of $15.857 billion and a price-to-earnings ratio of 65.83.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.18 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.20 by $0.02. The company had revenue of $400.30 million for the quarter, compared to the consensus estimate of $396.70 million. During the same quarter last year, the company posted $1.44 earnings per share. AvalonBay Communities’s revenue was up 47.2% compared to the same quarter last year. On average, analysts predict that AvalonBay Communities will post $5.12 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Friday, December 27th.

A number of other analysts have also recently weighed in on AVB. Analysts at Zacks reiterated a “neutral” rating on shares of AvalonBay Communities in a research note to investors on Tuesday, November 12th. They now have a $129.00 price target on the stock. Separately, analysts at Compass Point cut their price target on shares of AvalonBay Communities from $136.00 to $134.00 in a research note to investors on Tuesday, October 29th. They now have a “neutral” rating on the stock. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of AvalonBay Communities in a research note to investors on Friday, October 25th. They now have a $130.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. AvalonBay Communities has a consensus rating of “Hold” and a consensus price target of $142.75.

AvalonBay Communities, Inc is a real estate investment trust (NYSE:AVB) .

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