AvalonBay Communities (NYSE:AVB) was upgraded by equities researchers at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report issued on Thursday, The Fly reports.
A number of other brokerages also recently weighed in on AVB. Barclays raised their target price on shares of AvalonBay Communities from $203.00 to $211.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Argus reaffirmed a “buy” rating and issued a $215.00 target price on shares of AvalonBay Communities in a research note on Tuesday, April 30th. KeyCorp raised their target price on shares of AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Mizuho downgraded shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 target price on the stock. in a research note on Wednesday, May 8th. Finally, SunTrust Banks raised their target price on shares of AvalonBay Communities to $208.00 and gave the company an “average” rating in a research note on Thursday, February 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $201.25.
Shares of AVB opened at $199.75 on Thursday. The company has a market capitalization of $27.97 billion, a P/E ratio of 22.19, a P/E/G ratio of 3.84 and a beta of 0.59. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. AvalonBay Communities has a 1-year low of $156.93 and a 1-year high of $204.53.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.02. The business had revenue of $459.80 million for the quarter, compared to the consensus estimate of $575.92 million. AvalonBay Communities had a net margin of 45.94% and a return on equity of 9.52%. AvalonBay Communities’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $2.18 earnings per share. On average, analysts anticipate that AvalonBay Communities will post 9.33 EPS for the current fiscal year.
In other news, SVP Keri A. Shea sold 1,131 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $200.09, for a total value of $226,301.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Leo S. Horey III sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $196.10, for a total transaction of $980,500.00. The disclosure for this sale can be found here. Insiders have sold 95,468 shares of company stock worth $18,777,790 over the last three months. Insiders own 0.42% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Cornerstone Advisors Inc. grew its holdings in shares of AvalonBay Communities by 85.5% in the first 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 during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of AvalonBay Communities in the first quarter worth approximately $27,000. Coastal Investment Advisors Inc. bought a new position in shares of AvalonBay Communities in the first quarter worth approximately $30,000. WP Advisors LLC bought a new position in shares of AvalonBay Communities in the first quarter worth approximately $31,000. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of AvalonBay Communities by 54.0% in the fourth quarter. Legacy Financial Advisors Inc. now owns 174 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.
About AvalonBay Communities
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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