Morgan Stanley Cuts AvalonBay Communities (NYSE:AVB) Price Target to $208.00

AvalonBay Communities (NYSE:AVB) had its price target lowered by Morgan Stanley from $222.50 to $208.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on AVB. Piper Sandler dropped their target price on shares of AvalonBay Communities from $190.00 to $183.00 and set a “neutral” rating on the stock in a report on Monday, February 9th. Mizuho lowered their price target on shares of AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a research report on Monday, November 24th. UBS Group dropped their price objective on shares of AvalonBay Communities from $192.00 to $191.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Royal Bank Of Canada cut their price objective on shares of AvalonBay Communities from $191.00 to $187.00 and set a “sector perform” rating on the stock in a report on Friday, February 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research note on Friday, January 9th. Five equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $198.75.

AvalonBay Communities Price Performance

Shares of AVB stock opened at $166.12 on Monday. AvalonBay Communities has a twelve month low of $165.34 and a twelve month high of $217.32. The stock has a market capitalization of $23.27 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 2.99 and a beta of 0.75. The stock has a fifty day simple moving average of $176.50 and a two-hundred day simple moving average of $181.58. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.79.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.01. The business had revenue of $767.86 million for the quarter, compared to the consensus estimate of $766.38 million. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.During the same quarter in the prior year, the company earned $2.80 EPS. On average, analysts predict that AvalonBay Communities will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $1.78 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.3%. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.75. AvalonBay Communities’s dividend payout ratio (DPR) is 85.47%.

Institutional Investors Weigh In On AvalonBay Communities

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in AvalonBay Communities by 1.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust’s stock worth $649,000 after purchasing an additional 60 shares during the last quarter. PFG Investments LLC raised its position in shares of AvalonBay Communities by 4.4% in the 3rd quarter. PFG Investments LLC now owns 1,456 shares of the real estate investment trust’s stock valued at $281,000 after purchasing an additional 61 shares during the last quarter. Keybank National Association OH boosted its stake in AvalonBay Communities by 2.6% in the 4th quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust’s stock worth $446,000 after purchasing an additional 62 shares in the last quarter. Global Retirement Partners LLC boosted its stake in AvalonBay Communities by 13.3% in the 3rd quarter. Global Retirement Partners LLC now owns 564 shares of the real estate investment trust’s stock worth $109,000 after purchasing an additional 66 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in AvalonBay Communities by 0.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 8,126 shares of the real estate investment trust’s stock worth $1,654,000 after purchasing an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Company Profile

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.