Citigroup upgraded shares of AvalonBay Communities (NYSE:AVB) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Marketbeat.com reports. Citigroup currently has $190.00 price objective on the real estate investment trust’s stock.
Other equities analysts have also issued reports about the stock. Mizuho set a $185.00 price target on shares of AvalonBay Communities and gave the stock a buy rating in a research report on Friday, February 9th. SunTrust Banks set a $194.00 price target on shares of AvalonBay Communities and gave the stock a buy rating in a research report on Monday, January 22nd. Stifel Nicolaus restated a buy rating and set a $185.00 price target on shares of AvalonBay Communities in a research report on Friday, January 19th. Robert W. Baird restated a buy rating and set a $187.00 price target on shares of AvalonBay Communities in a research report on Tuesday, January 9th. Finally, Argus lowered their price target on shares of AvalonBay Communities from $210.00 to $190.00 and set a buy rating on the stock in a research report on Thursday, March 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $191.00.
Shares of NYSE AVB traded down $0.23 during trading on Friday, hitting $166.00. The company had a trading volume of 600,822 shares, compared to its average volume of 755,937. AvalonBay Communities has a fifty-two week low of $152.65 and a fifty-two week high of $199.52. The firm has a market cap of $22,955.62, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 2.60 and a beta of 0.36. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.71.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $1.03. The firm had revenue of $555.29 million for the quarter, compared to analyst estimates of $554.20 million. AvalonBay Communities had a net margin of 40.62% and a return on equity of 8.57%. AvalonBay Communities’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.12 earnings per share. equities research analysts anticipate that AvalonBay Communities will post 8.96 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 29th will be paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.54%. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.42. The ex-dividend date is Wednesday, March 28th. AvalonBay Communities’s payout ratio is 68.21%.
Institutional investors have recently added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new stake in shares of AvalonBay Communities in the 3rd quarter valued at approximately $772,000. Duff & Phelps Investment Management Co. raised its stake in shares of AvalonBay Communities by 16.2% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 545,586 shares of the real estate investment trust’s stock valued at $97,338,000 after acquiring an additional 76,040 shares during the period. Prudential Financial Inc. raised its stake in shares of AvalonBay Communities by 76.6% in the 3rd quarter. Prudential Financial Inc. now owns 337,923 shares of the real estate investment trust’s stock valued at $60,292,000 after acquiring an additional 146,610 shares during the period. Lazard Asset Management LLC raised its stake in shares of AvalonBay Communities by 17.4% in the 4th quarter. Lazard Asset Management LLC now owns 20,991 shares of the real estate investment trust’s stock valued at $3,744,000 after acquiring an additional 3,104 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in shares of AvalonBay Communities by 91.2% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 2,250 shares of the real estate investment trust’s stock valued at $401,000 after acquiring an additional 1,073 shares during the period. 94.72% of the stock is currently owned by institutional investors and hedge funds.
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About AvalonBay Communities
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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