NEW YORK ( TheStreet) -- AvalonBay Communities (NYSE: AVB) hit a new 52-week high Wednesday as it traded at $117.08 compared with its previous 52-Week high of $116.99. AvalonBay is changing hands at $117.05 with 31,176 shares traded as of 9:46 a.m. ET. Average volume has been 612,400 shares over the past 30 days. AvalonBay has a market cap of $9.9 billion and is part of the financial sector and real estate industry. Shares are up 3.1% year to date as of the close of trading on Tuesday.

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 56.1, above the average real estate industry P/E ratio of 53.5 and above the S&P 500 P/E ratio of 23.4.

TheStreet Ratings rates AvalonBay as a buy. The company's strengths can be seen in multiple areas, such as its revenue 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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