Citigroup Cuts AvalonBay Communities (NYSE:AVB) Price Target to $198.00

AvalonBay Communities (NYSE:AVB) had its target price trimmed by Citigroup from $212.00 to $198.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. Morgan Stanley lowered their target price on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Colliers Securities reissued a “neutral” rating and issued a $195.00 price target (down previously from $200.00) on shares of AvalonBay Communities in a research note on Thursday, December 4th. Truist Financial dropped their price objective on AvalonBay Communities from $205.00 to $203.00 and set a “buy” rating on the stock in a report on Tuesday, January 20th. UBS Group cut their price objective on shares of AvalonBay Communities from $192.00 to $191.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, Wall Street Zen downgraded shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $200.91.

AvalonBay Communities Trading Up 0.5%

Shares of NYSE AVB opened at $176.11 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.79. AvalonBay Communities has a one year low of $166.73 and a one year high of $230.21. The business has a 50-day moving average price of $178.74 and a two-hundred day moving average price of $183.79. The firm has a market capitalization of $24.94 billion, a PE ratio of 21.50, a PEG ratio of 3.10 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The business had revenue of $767.86 million during the quarter, compared to analyst estimates of $766.38 million. During the same period in the prior year, the firm earned $2.80 earnings per share. As a group, analysts predict that AvalonBay Communities will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $1.78 dividend. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.75. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities’s payout ratio is 94.85%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Probity Advisors Inc. grew its position in AvalonBay Communities by 2.7% during the second quarter. Probity Advisors Inc. now owns 2,243 shares of the real estate investment trust’s stock worth $456,000 after buying an additional 60 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of AvalonBay Communities by 1.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust’s stock worth $649,000 after acquiring an additional 60 shares during the period. PFG Investments LLC grew its holdings in shares of AvalonBay Communities by 4.4% during the 3rd quarter. PFG Investments LLC now owns 1,456 shares of the real estate investment trust’s stock worth $281,000 after purchasing an additional 61 shares in the last quarter. Clearstead Trust LLC increased its position in shares of AvalonBay Communities by 62.0% during the second quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 62 shares during the period. Finally, Keybank National Association OH raised its stake in shares of AvalonBay Communities by 2.6% in the fourth quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust’s stock valued at $446,000 after purchasing an additional 62 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Company Profile

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.