Scotiabank Lowers AvalonBay Communities (NYSE:AVB) Price Target to $187.00

AvalonBay Communities (NYSE:AVB) had its price target reduced by investment analysts at Scotiabank from $190.00 to $187.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 3.51% from the company’s current price.

A number of other brokerages also recently commented on AVB. Truist Financial reduced their price objective on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Piper Sandler reduced their price objective on shares of AvalonBay Communities from $190.00 to $183.00 and set a “neutral” rating for the company in a research report on Monday, February 9th. Barclays reduced their price objective on shares of AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Cantor Fitzgerald raised their price objective on shares of AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AvalonBay Communities in a research report on Wednesday, April 8th. Four equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and a consensus price target of $196.93.

AvalonBay Communities Price Performance

Shares of AVB opened at $180.66 on Thursday. AvalonBay Communities has a fifty-two week low of $160.10 and a fifty-two week high of $209.86. The company has a market capitalization of $25.13 billion, a price-to-earnings ratio of 26.18, a price-to-earnings-growth ratio of 3.16 and a beta of 0.79. The firm has a 50-day simple moving average of $172.83 and a 200-day simple moving average of $176.60. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.62 and a current ratio of 0.62.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The business had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. During the same quarter last year, the company posted $2.83 EPS. On average, equities research analysts anticipate that AvalonBay Communities will post 11.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. SummitTX Capital L.P. purchased a new position in shares of AvalonBay Communities during the 1st quarter worth approximately $851,000. OMERS ADMINISTRATION Corp increased its stake in shares of AvalonBay Communities by 31.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 6,675 shares of the real estate investment trust’s stock worth $1,090,000 after purchasing an additional 1,587 shares in the last quarter. 44 Wealth Management LLC increased its stake in shares of AvalonBay Communities by 21.1% during the 1st quarter. 44 Wealth Management LLC now owns 3,952 shares of the real estate investment trust’s stock worth $646,000 after purchasing an additional 689 shares in the last quarter. Wealth Alliance LLC increased its stake in shares of AvalonBay Communities by 21.0% during the 1st quarter. Wealth Alliance LLC now owns 3,685 shares of the real estate investment trust’s stock worth $602,000 after purchasing an additional 639 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in shares of AvalonBay Communities during the 1st quarter worth approximately $1,493,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

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.