AvalonBay Communities (NYSE:AVB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Stellar job growth in recent months indicates more household formations and raises expectations for higher apartment demand during the peak leasing period. Given its solid portfolio of high quality assets in premium locations, AvalonBay is well poised to grow. Notably, in the March-issued operating update for first quarter, the company stated that it expects total rental revenues for established communities to be up 2.3–2.4% year over year. However, new apartment deliveries are anticipated to remain elevated in the company’s markets in 2018. Particularly, supply continues to be most noticeable in the urban submarkets. Furthermore, high concession activity amid elevated supply remains a concern. Moreover, in the past six months, its shares have underperformed the industry.”

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A number of other research analysts have also recently issued reports on AVB. Robert W. Baird reaffirmed a “buy” rating and issued a $187.00 target price on shares of AvalonBay Communities in a report on Tuesday, January 9th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $185.00 target price on shares of AvalonBay Communities in a report on Friday, January 19th. SunTrust Banks set a $194.00 target price on shares of AvalonBay Communities and gave the company a “buy” rating in a report on Monday, January 22nd. Barclays dropped their target price on shares of AvalonBay Communities from $189.00 to $186.00 and set an “equal weight” rating for the company in a report on Tuesday, January 30th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $187.00 target price on shares of AvalonBay Communities in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $189.24.

Shares of AvalonBay Communities stock opened at $165.55 on Tuesday. AvalonBay Communities has a 12-month low of $152.65 and a 12-month high of $199.52. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.19 and a quick ratio of 0.19. The stock has a market capitalization of $22,997.04, a price-to-earnings ratio of 19.21, a P/E/G ratio of 2.61 and a beta of 0.36.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $1.03. AvalonBay Communities had a net margin of 40.62% and a return on equity of 8.57%. The company had revenue of $555.29 million during the quarter, compared to analysts’ expectations of $554.20 million. During the same period last year, the company posted $2.12 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. sell-side analysts predict that AvalonBay Communities will post 8.96 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Capital Analysts LLC grew its stake in AvalonBay Communities by 441.3% in the 4th quarter. Capital Analysts LLC now owns 2,230 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 1,818 shares during the period. Bartlett & Co. LLC grew its stake in AvalonBay Communities by 112.8% in the 4th quarter. Bartlett & Co. LLC now owns 681 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 361 shares during the period. Keeler Thomas Management LLC purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $166,000. NuWave Investment Management LLC purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $181,000. Finally, MUFG Americas Holdings Corp purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $189,000. 94.66% of the stock is owned by hedge funds and other institutional investors.

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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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Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

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