Scotiabank Issues Positive Forecast for AvalonBay Communities (NYSE:AVB) Stock Price

AvalonBay Communities (NYSE:AVB) had its price objective lifted by Scotiabank from $187.00 to $195.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on AVB. Wells Fargo & Company cut their price objective on AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Morgan Stanley reissued an “equal weight” rating and set a $203.00 target price (down from $208.00) on shares of AvalonBay Communities in a research note on Thursday, March 26th. Truist Financial upped their price target on shares of AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Wall Street Zen raised shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AvalonBay Communities in a report on Monday. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $195.67.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB opened at $189.31 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities has a 12 month low of $160.10 and a 12 month high of $205.00. The company has a market capitalization of $26.33 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 3.29 and a beta of 0.77. The firm’s 50-day moving average is $185.97 and its 200 day moving average is $178.70.

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

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. AvalonBay Communities’s dividend payout ratio is 103.19%.

Institutional Investors Weigh In On AvalonBay Communities

Several large investors have recently modified their holdings of the business. Clearstead Trust LLC increased its holdings in AvalonBay Communities by 56.0% during the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 56 shares during the period. Red Spruce Capital LLC lifted its holdings in AvalonBay Communities by 0.8% during the second quarter. Red Spruce Capital LLC now owns 7,985 shares of the real estate investment trust’s stock worth $1,507,000 after buying an additional 60 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in AvalonBay Communities by 1.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust’s stock valued at $649,000 after acquiring an additional 60 shares in the last quarter. Keybank National Association OH boosted its position in AvalonBay Communities by 2.6% during the 4th quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust’s stock valued at $446,000 after acquiring an additional 62 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV increased its holdings in shares of AvalonBay Communities by 1.4% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 6,540 shares of the real estate investment trust’s stock valued at $1,090,000 after acquiring an additional 90 shares during the period. 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.