Investment analysts at Goldman Sachs Group began coverage on shares of AvalonBay Communities (NYSE:AVB) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $244.00 price target on the real estate investment trust’s stock. Goldman Sachs Group’s price target suggests a potential upside of 16.27% from the stock’s current price.
AVB has been the subject of a number of other research reports. Barclays restated a “hold” rating and set a $240.00 target price on shares of AvalonBay Communities in a research report on Sunday, October 13th. Citigroup lifted their target price on shares of AvalonBay Communities from $210.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday. BTIG Research lifted their target price on shares of AvalonBay Communities to $235.00 and gave the stock a “positive” rating in a research report on Thursday, August 15th. Morgan Stanley lifted their price target on shares of AvalonBay Communities from $217.00 to $229.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $214.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. AvalonBay Communities currently has a consensus rating of “Hold” and a consensus price target of $219.43.
AVB traded up $0.71 during midday trading on Friday, reaching $209.85. 449,209 shares of the company’s stock were exchanged, compared to its average volume of 598,510. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $29.42 billion, a PE ratio of 23.32, a P/E/G ratio of 3.66 and a beta of 0.47. The business’s 50-day moving average price is $216.40 and its 200 day moving average price is $208.66. AvalonBay Communities has a 1-year low of $167.01 and a 1-year high of $222.87.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.80. The company had revenue of $587.61 million during the quarter, compared to analysts’ expectations of $585.86 million. AvalonBay Communities had a net margin of 45.56% and a return on equity of 9.35%. During the same quarter in the previous year, the business posted $1.39 earnings per share. As a group, analysts expect that AvalonBay Communities will post 9.3 EPS for the current fiscal year.
In other AvalonBay Communities news, EVP William M. Mclaughlin sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $215.11, for a total transaction of $537,775.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Leo S. Horey III sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $214.00, for a total transaction of $428,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,801 shares of company stock valued at $1,243,499. 0.42% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVB. Parnassus Investments CA purchased a new stake in AvalonBay Communities during the second quarter worth approximately $281,643,000. Nuveen Asset Management LLC grew its stake in AvalonBay Communities by 157.1% during the second quarter. Nuveen Asset Management LLC now owns 2,135,697 shares of the real estate investment trust’s stock worth $433,931,000 after buying an additional 1,305,014 shares during the period. California Public Employees Retirement System grew its stake in AvalonBay Communities by 25.6% during the second quarter. California Public Employees Retirement System now owns 1,071,065 shares of the real estate investment trust’s stock worth $217,619,000 after buying an additional 218,169 shares during the period. Vanguard Group Inc. grew its stake in AvalonBay Communities by 1.0% during the second quarter. Vanguard Group Inc. now owns 20,446,914 shares of the real estate investment trust’s stock worth $4,154,404,000 after buying an additional 195,316 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in AvalonBay Communities by 8.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,511,273 shares of the real estate investment trust’s stock worth $510,240,000 after buying an additional 187,752 shares during the period. Institutional investors own 92.53% 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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