AvalonBay Communities (NYSE:AVB) Price Target Lowered to $190.00 at Scotiabank

AvalonBay Communities (NYSE:AVB) had its price objective decreased by Scotiabank from $193.00 to $190.00 in a research note published on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft downgraded AvalonBay Communities from a “buy” rating to a “hold” rating and set a $172.00 price target on the stock. in a research note on Tuesday, January 20th. Citigroup reduced their price target on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Morgan Stanley lowered their price target on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating for the company in a research report on Thursday, November 13th. 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 note on Tuesday. Finally, Piper Sandler decreased their target price on shares of AvalonBay Communities from $190.00 to $183.00 and set a “neutral” rating for the company in a report on Monday, February 9th. Five analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $200.59.

AvalonBay Communities Stock Up 0.4%

Shares of AvalonBay Communities stock opened at $178.07 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.67. The company has a 50-day moving average of $178.43 and a 200 day moving average of $182.97. The firm has a market cap of $24.94 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 3.11 and a beta of 0.75. AvalonBay Communities has a 1 year low of $166.73 and a 1 year high of $225.15.

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

AvalonBay Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $1.78 dividend. This is a boost 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 is Tuesday, March 31st. AvalonBay Communities’s dividend payout ratio (DPR) is presently 85.47%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its stake in AvalonBay Communities by 5.7% during the 1st quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock valued at $584,000 after buying an additional 148 shares during the last quarter. Arkadios Wealth Advisors grew its holdings in shares of AvalonBay Communities by 6.6% in the second quarter. Arkadios Wealth Advisors now owns 2,439 shares of the real estate investment trust’s stock worth $496,000 after acquiring an additional 151 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of AvalonBay Communities by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 991,954 shares of the real estate investment trust’s stock worth $201,863,000 after acquiring an additional 3,350 shares during the period. Huntington National Bank increased its position in AvalonBay Communities by 7.4% during the second quarter. Huntington National Bank now owns 35,116 shares of the real estate investment trust’s stock valued at $7,146,000 after acquiring an additional 2,408 shares during the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in AvalonBay Communities in the second quarter valued at about $59,000. Institutional investors own 92.61% of the company’s stock.

About AvalonBay Communities

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.