Morgan Stanley Trims AvalonBay Communities (NYSE:AVB) Target Price to $225.00

AvalonBay Communities (NYSE:AVBGet Rating) had its price target reduced by stock analysts at Morgan Stanley from $247.00 to $225.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective indicates a potential upside of 10.60% from the stock’s previous close.

A number of other research analysts have also recently issued reports on AVB. StockNews.com assumed coverage on AvalonBay Communities in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Barclays cut their price target on AvalonBay Communities from $263.00 to $229.00 in a research note on Tuesday, May 10th. Piper Sandler cut their price target on AvalonBay Communities from $265.00 to $240.00 in a research note on Wednesday, May 4th. Mizuho cut their price objective on AvalonBay Communities from $276.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on AvalonBay Communities from $285.00 to $272.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $258.06.

Shares of AVB traded down $1.58 during midday trading on Wednesday, reaching $203.43. 3,179 shares of the stock were exchanged, compared to its average volume of 756,215. AvalonBay Communities has a twelve month low of $197.62 and a twelve month high of $259.05. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.73. The company has a market cap of $28.44 billion, a P/E ratio of 25.26, a PEG ratio of 3.54 and a beta of 0.93. The stock’s 50 day simple moving average is $233.94 and its 200 day simple moving average is $240.24.

Several hedge funds and other institutional investors have recently modified their holdings of AVB. Norges Bank purchased a new position in shares of AvalonBay Communities during the 4th quarter valued at $1,499,421,000. BlackRock Inc. lifted its position in shares of AvalonBay Communities by 6.3% during the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock valued at $3,843,305,000 after buying an additional 898,161 shares during the last quarter. Blackstone Inc. lifted its position in shares of AvalonBay Communities by 119.1% during the 1st quarter. Blackstone Inc. now owns 1,434,795 shares of the real estate investment trust’s stock valued at $356,360,000 after buying an additional 779,818 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of AvalonBay Communities by 57.1% during the 1st quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock valued at $531,516,000 after buying an additional 777,631 shares during the last quarter. Finally, State Street Corp lifted its position in shares of AvalonBay Communities by 7.6% during the 4th quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock valued at $2,379,927,000 after buying an additional 658,377 shares during the last quarter. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Company Profile (Get Rating)

As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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