Evercore ISI Upgrades AvalonBay Communities (NYSE:AVB) to Outperform

AvalonBay Communities (NYSE:AVB) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report issued on Monday, Analyst Ratings Network reports.

Several other research analysts have also weighed in on AVB. Zelman & Associates raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Tuesday, March 23rd. KeyCorp upgraded AvalonBay Communities from a “sector weight” rating to an “overweight” rating and set a $200.00 target price for the company in a research note on Monday, March 1st. Morgan Stanley lifted their target price on AvalonBay Communities from $186.00 to $203.00 and gave the stock an “equal weight” rating in a research note on Monday, March 22nd. Piper Sandler upgraded AvalonBay Communities from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $147.00 to $205.00 in a research note on Friday, April 30th. Finally, TheStreet downgraded AvalonBay Communities from a “b” rating to a “c+” rating in a research note on Wednesday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. AvalonBay Communities has an average rating of “Hold” and an average price target of $183.94.

NYSE:AVB opened at $190.39 on Monday. The firm has a market capitalization of $26.58 billion, a price-to-earnings ratio of 40.94, a price-to-earnings-growth ratio of 16.32 and a beta of 0.97. AvalonBay Communities has a twelve month low of $131.38 and a twelve month high of $196.44. The stock’s 50 day moving average price is $188.82 and its two-hundred day moving average price is $171.00. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.94 by ($0.92). The company had revenue of $497.44 million for the quarter, compared to analyst estimates of $544.98 million. AvalonBay Communities had a return on equity of 6.02% and a net margin of 27.97%. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period last year, the firm earned $2.39 EPS. As a group, analysts anticipate that AvalonBay Communities will post 8.76 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alpha DNA Investment Management LLC acquired a new stake in shares of AvalonBay Communities during the 4th quarter worth $27,000. First Horizon Advisors Inc. acquired a new stake in shares of AvalonBay Communities during the 4th quarter worth $33,000. Arlington Partners LLC acquired a new stake in shares of AvalonBay Communities during the 1st quarter worth $42,000. Carroll Financial Associates Inc. acquired a new stake in shares of AvalonBay Communities during the 1st quarter worth $42,000. Finally, Parallel Advisors LLC grew its holdings in shares of AvalonBay Communities by 28.7% during the 1st quarter. Parallel Advisors LLC now owns 242 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 54 shares in the last quarter. 91.00% of the stock is currently owned by institutional investors.

About AvalonBay Communities

As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

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