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NEW YORK ( TheStreet) -- AvalonBay Communities (NYSE: AVB) hit a new 52-week high Friday as it is currently trading at $140.74, above its previous 52-week high of $140.61 with 219,317 shares traded as of 11:15 a.m. ET. Average volume has been 743,800 shares over the past 30 days. AvalonBay has a market cap of $12.47 billion and is part of the financial sector and real estate industry. Shares are up 6.2% year to date as of the close of trading on Thursday. 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 75, below the average real estate industry P/E ratio of 80 and above the S&P 500 P/E ratio of 17.7.