AvalonBay Communities (NYSE:AVB) Hits New 12-Month High – Time to Buy?

AvalonBay Communities, Inc. (NYSE:AVB)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $236.30 and last traded at $236.04, with a volume of 337136 shares trading hands. The stock had previously closed at $232.90.

Analyst Ratings Changes

AVB has been the subject of a number of research analyst reports. BNP Paribas initiated coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 target price for the company. Truist Financial boosted their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Wells Fargo & Company increased their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Deutsche Bank Aktiengesellschaft upped their target price on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Scotiabank cut their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a report on Thursday, November 14th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $226.88.

AvalonBay Communities Stock Up 1.1 %

The firm’s 50 day simple moving average is $226.36 and its 200 day simple moving average is $214.27. The company has a market cap of $33.49 billion, a price-to-earnings ratio of 31.87, a price-to-earnings-growth ratio of 3.39 and a beta of 0.97. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the prior year, the business earned $2.66 earnings per share. Sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s payout ratio is 93.02%.

Insider Transactions at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the sale, the director now owns 111,436 shares in the company, valued at approximately $26,051,508.08. This represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is owned by insiders.

Institutional Investors Weigh In On AvalonBay Communities

Institutional investors have recently bought and sold shares of the business. RPg Family Wealth Advisory LLC acquired a new stake in AvalonBay Communities during the third quarter valued at $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of AvalonBay Communities during the 2nd quarter valued at about $32,000. Versant Capital Management Inc grew its stake in shares of AvalonBay Communities by 1,877.8% in the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 169 shares in the last quarter. Brooklyn Investment Group acquired a new position in AvalonBay Communities during the third quarter worth $39,000. Finally, Mather Group LLC. boosted its holdings in shares of AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 56 shares during the period. 92.61% of the stock is currently 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.