AvalonBay Communities (NYSE:AVB) PT Raised to $247.00 at JPMorgan Chase & Co.

AvalonBay Communities (NYSE:AVB) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $212.00 to $247.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 7.02% from the company’s previous close.

A number of other equities analysts have also commented on AVB. Evercore ISI lifted their price objective on AvalonBay Communities from $223.00 to $225.00 and gave the stock an “in-line” rating in a research note on Monday, September 9th. Piper Sandler lifted their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. BNP Paribas initiated coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective on the stock. Scotiabank lifted their price objective on AvalonBay Communities from $218.00 to $229.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, AvalonBay Communities currently has an average rating of “Hold” and an average target price of $223.12.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $230.79 on Monday. AvalonBay Communities has a fifty-two week low of $160.45 and a fifty-two week high of $236.26. The business has a 50-day moving average of $215.37 and a two-hundred day moving average of $200.33. The stock has a market capitalization of $32.82 billion, a P/E ratio of 34.34, a P/E/G ratio of 3.41 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The company had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. During the same period in the prior year, the firm earned $2.66 EPS. On average, equities research analysts predict that AvalonBay Communities will post 11.01 EPS for the current fiscal year.

Insider Activity

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the transaction, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AVB. Private Advisor Group LLC lifted its holdings in AvalonBay Communities by 12.0% during the 4th quarter. Private Advisor Group LLC now owns 2,031 shares of the real estate investment trust’s stock worth $380,000 after buying an additional 217 shares in the last quarter. Principal Securities Inc. acquired a new position in AvalonBay Communities during the 4th quarter worth $137,000. Jump Financial LLC lifted its holdings in AvalonBay Communities by 53.3% during the 4th quarter. Jump Financial LLC now owns 3,680 shares of the real estate investment trust’s stock worth $689,000 after buying an additional 1,280 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in AvalonBay Communities by 30.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,883 shares of the real estate investment trust’s stock worth $1,101,000 after buying an additional 1,386 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in AvalonBay Communities by 7.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 43,995 shares of the real estate investment trust’s stock worth $8,237,000 after buying an additional 2,990 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.