Robert W. Baird Reiterates “Buy” Rating for AvalonBay Communities (AVB)
Robert W. Baird reissued their buy rating on shares of AvalonBay Communities (NYSE:AVB) in a research report report published on Tuesday. They currently have a $187.00 price target on the real estate investment trust’s stock.
A number of other research firms have also recently weighed in on AVB. UBS Group raised shares of AvalonBay Communities from a neutral rating to a buy rating and lifted their price objective for the company from $190.00 to $206.00 in a report on Thursday, November 9th. BMO Capital Markets reaffirmed a hold rating and issued a $190.00 price objective on shares of AvalonBay Communities in a report on Monday, November 27th. JPMorgan Chase & Co. cut shares of AvalonBay Communities from an overweight rating to a neutral rating and set a $211.00 price objective for the company. in a report on Friday, December 15th. Royal Bank of Canada cut their price objective on shares of AvalonBay Communities from $206.00 to $200.00 and set an outperform rating for the company in a report on Monday, November 6th. Finally, Mizuho reaffirmed a buy rating and issued a $220.00 price objective on shares of AvalonBay Communities in a report on Monday, November 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $200.40.
AvalonBay Communities (NYSE:AVB) traded down $1.54 during midday trading on Tuesday, reaching $168.23. 494,377 shares of the company were exchanged, compared to its average volume of 540,638. The firm has a market capitalization of $23,443.18, a P/E ratio of 26.29, a PEG ratio of 2.52 and a beta of 0.35. AvalonBay Communities has a 52 week low of $167.51 and a 52 week high of $199.52. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.69.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a dividend of $1.42 per share. The ex-dividend date is Thursday, December 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.38%. AvalonBay Communities’s dividend payout ratio is currently 88.75%.
In other news, CEO Timothy J. Naughton sold 25,160 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $183.84, for a total transaction of $4,625,414.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Sean J. Breslin sold 1,500 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $182.65, for a total transaction of $273,975.00. The disclosure for this sale can be found here. Insiders have sold 30,660 shares of company stock valued at $5,628,669 in the last three months. Corporate insiders own 0.46% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Amica Retiree Medical Trust purchased a new stake in shares of AvalonBay Communities during the third quarter worth about $132,000. WFG Advisors LP increased its stake in shares of AvalonBay Communities by 24.9% during the second quarter. WFG Advisors LP now owns 839 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 167 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of AvalonBay Communities during the second quarter worth about $226,000. Dynamic Technology Lab Private Ltd purchased a new stake in AvalonBay Communities during the 3rd quarter valued at about $227,000. Finally, Lincoln National Corp purchased a new stake in AvalonBay Communities during the 3rd quarter valued at about $239,000. 94.84% of the stock is owned by institutional investors and hedge funds.
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AvalonBay Communities Company Profile
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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