KeyCorp Raises AvalonBay Communities (NYSE:AVB) Price Target to $215.00

AvalonBay Communities (NYSE:AVB) had its price objective lifted by KeyCorp from $212.00 to $215.00 in a report published on Wednesday, Stock Target Advisor reports. KeyCorp currently has an overweight rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on AVB. Argus restated a buy rating and set a $215.00 target price on shares of AvalonBay Communities in a report on Tuesday, April 30th. Barclays set a $325.00 target price on shares of Align Technology and gave the stock a buy rating in a report on Thursday, April 11th. Robert W. Baird raised their target price on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the stock an outperform rating in a report on Thursday, May 16th. Mizuho set a $27.00 target price on shares of Horizon Therapeutics and gave the stock a hold rating in a report on Wednesday, May 8th. Finally, Morgan Stanley raised their target price on shares of General Mills from $49.00 to $52.00 and gave the stock an equal weight rating in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $204.73.

Shares of NYSE:AVB opened at $210.48 on Wednesday. The firm has a market cap of $29.47 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 4.01 and a beta of 0.51. The company has a 50 day moving average price of $206.53. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.67. AvalonBay Communities has a fifty-two week low of $167.01 and a fifty-two week high of $214.10.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 EPS for the quarter, topping the consensus estimate of $2.28 by $0.02. The firm had revenue of $459.80 million for the quarter, compared to the consensus estimate of $575.92 million. AvalonBay Communities had a net margin of 45.94% and a return on equity of 9.52%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the company posted $2.18 EPS. On average, equities analysts anticipate that AvalonBay Communities will post 9.34 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.52 per share. The ex-dividend date is Thursday, June 27th. This represents a $6.08 annualized dividend and a dividend yield of 2.89%. AvalonBay Communities’s dividend payout ratio is currently 67.56%.

In other news, COO Sean J. Breslin sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $201.75, for a total transaction of $302,625.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin P. O’shea sold 250 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $205.49, for a total transaction of $51,372.50. The disclosure for this sale can be found here. Insiders have sold a total of 9,881 shares of company stock valued at $2,042,649 over the last ninety days. Company insiders own 0.42% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. West Oak Capital LLC lifted its position in AvalonBay Communities by 5.6% during the second quarter. West Oak Capital LLC now owns 945 shares of the real estate investment trust’s stock valued at $192,000 after purchasing an additional 50 shares during the period. 6 Meridian increased its stake in AvalonBay Communities by 2.0% during the 2nd quarter. 6 Meridian now owns 2,651 shares of the real estate investment trust’s stock worth $539,000 after buying an additional 51 shares during the period. LPL Financial LLC increased its position in shares of AvalonBay Communities by 1.1% in the 4th quarter. LPL Financial LLC now owns 5,057 shares of the real estate investment trust’s stock valued at $880,000 after purchasing an additional 56 shares during the last quarter. Cornerstone Advisors Inc. increased its position 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 purchasing an additional 59 shares during the last quarter. Finally, Hanson McClain Inc. grew its position in shares of AvalonBay Communities by 29.6% in the 1st quarter. Hanson McClain Inc. now owns 267 shares of the real estate investment trust’s stock valued at $54,000 after buying an additional 61 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

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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