AvalonBay Communities (NYSE:AVB – Get Free Report)‘s stock had its “neutral” rating reaffirmed by investment analysts at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $190.00 target price on the real estate investment trust’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 3.23% from the stock’s previous close.
AVB has been the subject of a number of other research reports. Royal Bank Of Canada increased their price target on shares of AvalonBay Communities from $180.00 to $188.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Wells Fargo & Company decreased their price objective on AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Weiss Ratings downgraded AvalonBay Communities from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, Barclays raised their price objective on AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and a consensus target price of $196.87.
Read Our Latest Research Report on AvalonBay Communities
AvalonBay Communities Stock Performance
AvalonBay Communities (NYSE:AVB – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. During the same quarter last year, the business earned $2.82 EPS. Sell-side analysts expect that AvalonBay Communities will post 11.33 earnings per share for the current fiscal year.
Institutional Investors Weigh In On AvalonBay Communities
Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in AvalonBay Communities in the 2nd quarter valued at $3,368,659,000. Auto Owners Insurance Co lifted its position in shares of AvalonBay Communities by 18,031.0% during the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock worth $213,677,000 after purchasing an additional 11,720,150 shares during the last quarter. Norges Bank purchased a new stake in shares of AvalonBay Communities during the fourth quarter valued at $1,394,635,000. Legal & General Group Plc purchased a new stake in shares of AvalonBay Communities during the second quarter valued at $366,672,000. Finally, Bank of America Corp DE bought a new position in shares of AvalonBay Communities in the second quarter worth about $358,275,000. 92.61% of the stock is currently owned by hedge funds and other institutional investors.
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.
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