AvalonBay Communities (NYSE:AVB) Lowered to “Market Perform” Rating by BMO Capital Markets

BMO Capital Markets lowered shares of AvalonBay Communities (NYSE:AVB) from an outperform rating to a market perform rating in a research note released on Friday morning, Marketbeat Ratings reports. The firm currently has $220.00 target price on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on AVB. Zelman & Associates raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Evercore ISI boosted their price target on shares of AvalonBay Communities from $230.00 to $240.00 and gave the company an “in-line” rating in a report on Monday, February 10th. Barclays decreased their price objective on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Royal Bank of Canada raised their target price on shares of AvalonBay Communities from $226.00 to $229.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Finally, Piper Sandler lowered their target price on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating for the company in a research note on Tuesday, February 11th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, AvalonBay Communities has a consensus rating of “Moderate Buy” and an average price target of $237.40.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $191.69 on Friday. AvalonBay Communities has a twelve month low of $177.40 and a twelve month high of $239.29. The stock has a market capitalization of $27.27 billion, a PE ratio of 25.26, a price-to-earnings-growth ratio of 3.11 and a beta of 0.86. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.68. The firm’s 50 day moving average price is $216.75 and its 200-day moving average price is $221.69.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. Equities research analysts expect that AvalonBay Communities will post 11.48 EPS for the current year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s payout ratio is 92.23%.

Institutional Trading of AvalonBay Communities

A number of large investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. raised its holdings in shares of AvalonBay Communities by 203.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,210 shares of the real estate investment trust’s stock worth $1,399,000 after purchasing an additional 4,163 shares during the period. Holocene Advisors LP purchased a new position in AvalonBay Communities in the 3rd quarter valued at about $3,750,000. Investment Management Corp of Ontario increased its holdings in AvalonBay Communities by 51.5% during the 3rd quarter. Investment Management Corp of Ontario now owns 4,704 shares of the real estate investment trust’s stock worth $1,060,000 after purchasing an additional 1,600 shares during the last quarter. Royal London Asset Management Ltd. raised its holdings in AvalonBay Communities by 6.1% in the third quarter. Royal London Asset Management Ltd. now owns 71,516 shares of the real estate investment trust’s stock valued at $16,109,000 after acquiring an additional 4,080 shares in the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of AvalonBay Communities by 12.1% in the 3rd quarter. Quantinno Capital Management LP now owns 18,807 shares of the real estate investment trust’s stock valued at $4,236,000 after purchasing an additional 2,035 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.