BMO Capital Markets Upgrades AvalonBay Communities (AVB) to “Outperform”

AvalonBay Communities (NYSE:AVB) was upgraded by BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has a $195.00 target price on the real estate investment trust’s stock, up from their previous target price of $188.00. BMO Capital Markets’ target price would suggest a potential upside of 12.60% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Zelman & Associates cut AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Mizuho restated a “buy” rating and issued a $212.00 price target on shares of AvalonBay Communities in a research note on Monday, August 6th. Robert W. Baird cut AvalonBay Communities from an “outperform” rating to a “neutral” rating and set a $197.00 price target on the stock. in a research note on Wednesday, August 15th. Deutsche Bank raised their price target on AvalonBay Communities from $186.00 to $192.00 and gave the company a “hold” rating in a research note on Wednesday, September 5th. Finally, Argus raised their price target on AvalonBay Communities to $196.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $193.61.

AvalonBay Communities stock opened at $173.18 on Friday. AvalonBay Communities has a 1-year low of $152.65 and a 1-year high of $188.91. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $23.94 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 2.56 and a beta of 0.38.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.26 by ($0.87). AvalonBay Communities had a net margin of 36.54% and a return on equity of 7.96%. The business had revenue of $575.98 million during the quarter, compared to analyst estimates of $573.87 million. During the same quarter in the prior year, the business earned $1.72 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, analysts anticipate that AvalonBay Communities will post 8.99 earnings per share for the current fiscal year.

In other news, COO Sean J. Breslin sold 7,200 shares of AvalonBay Communities stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $182.20, for a total transaction of $1,311,840.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.43% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Treasurer State of Michigan grew its holdings in shares of AvalonBay Communities by 0.7% during the second quarter. State Treasurer State of Michigan now owns 40,923 shares of the real estate investment trust’s stock worth $7,034,000 after buying an additional 300 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of AvalonBay Communities by 2.1% during the second quarter. Oregon Public Employees Retirement Fund now owns 15,099 shares of the real estate investment trust’s stock worth $2,595,000 after buying an additional 316 shares during the last quarter. Comerica Bank grew its holdings in shares of AvalonBay Communities by 0.4% during the second quarter. Comerica Bank now owns 89,036 shares of the real estate investment trust’s stock worth $15,258,000 after buying an additional 354 shares during the last quarter. Sumitomo Life Insurance Co. grew its holdings in shares of AvalonBay Communities by 4.5% during the second quarter. Sumitomo Life Insurance Co. now owns 8,605 shares of the real estate investment trust’s stock worth $1,479,000 after buying an additional 369 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC grew its holdings in shares of AvalonBay Communities by 30.3% during the second quarter. Mount Yale Investment Advisors LLC now owns 1,594 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 371 shares during the last quarter. 93.21% of the stock is currently owned by hedge funds and other institutional investors.

About AvalonBay Communities

As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.

Further Reading: How Buying a Call Option Works

Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply