NEW YORK (

TheStreet

) --

AvalonBay Communities

(NYSE:

AVB

) hit a new 52-week high Thursday as it is currently trading at $129.39, above its previous 52-week high of $126.70 with 363,735 shares traded as of 11:11 a.m. ET. Average volume has been 665,100 shares over the past 30 days.

AvalonBay has a market cap of $10.9 billion and is part of the

financial

sector and

real estate

industry. Shares are up 12.5% year to date as of the close of trading on Wednesday.

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AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. The company has a P/E ratio of 107.6, above the average real estate industry P/E ratio of 60.8 and above the S&P 500 P/E ratio of 16.9.

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TheStreet Ratings rates AvalonBay as a

buy

. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full

AvalonBay Ratings Report

.

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