Wells Fargo & Co Raises AvalonBay Communities (NYSE:AVB) Price Target to $224.00

AvalonBay Communities (NYSE:AVB) had its price target lifted by Wells Fargo & Co from $218.00 to $224.00 in a research report released on Tuesday morning, The Fly reports. Wells Fargo & Co currently has an outperform rating on the real estate investment trust’s stock.

Several other research firms also recently commented on AVB. Barclays raised their target price on AvalonBay Communities from $213.00 to $228.00 and gave the stock an equal weight rating in a research report on Tuesday, July 16th. KeyCorp raised their target price on AvalonBay Communities from $212.00 to $215.00 and gave the stock an overweight rating in a research report on Wednesday, July 10th. Mizuho downgraded AvalonBay Communities from a buy rating to a neutral rating and set a $210.00 target price for the company. in a research report on Wednesday, May 8th. Citigroup raised their target price on AvalonBay Communities from $205.00 to $210.00 and gave the stock a neutral rating in a research report on Tuesday, August 6th. Finally, Zelman & Associates upgraded AvalonBay Communities from a sell rating to a hold rating in a research report on Monday, August 12th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $210.31.

AvalonBay Communities stock opened at $205.84 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $28.15 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 3.71 and a beta of 0.53. AvalonBay Communities has a one year low of $167.01 and a one year high of $214.10. The business has a 50 day simple moving average of $207.09 and a 200 day simple moving average of $201.90.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.31 by ($1.10). The company had revenue of $577.26 million for the quarter, compared to the consensus estimate of $572.69 million. AvalonBay Communities had a return on equity of 8.63% and a net margin of 41.83%. During the same quarter last year, the business earned $2.23 EPS. Equities analysts anticipate that AvalonBay Communities will post 9.34 earnings per share for the current fiscal year.

In other AvalonBay Communities news, EVP Edward M. Schulman sold 1,500 shares of AvalonBay Communities stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $206.93, for a total value of $310,395.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin P. O’shea sold 250 shares of AvalonBay Communities stock in a transaction on Friday, May 24th. The shares were sold at an average price of $205.49, for a total value of $51,372.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,250 shares of company stock valued at $1,513,723. Corporate insiders own 0.42% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cornerstone Advisors Inc. increased its stake in shares of AvalonBay Communities by 85.5% in the 1st quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 59 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of AvalonBay Communities in the 1st quarter valued at $27,000. WP Advisors LLC acquired a new stake in shares of AvalonBay Communities in the 1st quarter valued at $31,000. NuWave Investment Management LLC increased its stake in shares of AvalonBay Communities by 575.0% in the 2nd quarter. NuWave Investment Management LLC now owns 216 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 184 shares during the period. Finally, Cullen Frost Bankers Inc. increased its stake in shares of AvalonBay Communities by 900.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 250 shares of the real estate investment trust’s stock valued at $51,000 after buying an additional 225 shares during the period. Hedge funds and other institutional investors own 91.88% of the company’s stock.

AvalonBay Communities Company Profile

As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.

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