Bamco Inc. NY Lowers Position in AvalonBay Communities, Inc. (NYSE:AVB)

Bamco Inc. NY lowered its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 16.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 50,840 shares of the real estate investment trust’s stock after selling 9,985 shares during the quarter. Bamco Inc. NY’s holdings in AvalonBay Communities were worth $9,434,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVB. Byrne Asset Management LLC raised its holdings in shares of AvalonBay Communities by 270.0% during the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 135 shares in the last quarter. Pinnacle Bancorp Inc. raised its holdings in shares of AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 75 shares in the last quarter. Arlington Trust Co LLC purchased a new position in shares of AvalonBay Communities during the 4th quarter valued at about $45,000. Bear Mountain Capital Inc. purchased a new position in shares of AvalonBay Communities during the 4th quarter valued at about $66,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of AvalonBay Communities during the 1st quarter valued at about $68,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Up 0.6 %

NYSE:AVB traded up $1.27 during trading hours on Monday, reaching $207.75. 136,356 shares of the company traded hands, compared to its average volume of 717,336. The business’s 50-day moving average price is $201.17 and its two-hundred day moving average price is $189.43. The stock has a market capitalization of $29.54 billion, a P/E ratio of 30.97, a P/E/G ratio of 3.01 and a beta of 0.96. AvalonBay Communities, Inc. has a 1 year low of $160.45 and a 1 year high of $211.20. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The company had revenue of $712.86 million for the quarter, compared to analysts’ expectations of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same quarter in the previous year, the firm posted $2.57 EPS. Analysts predict that AvalonBay Communities, Inc. will post 10.92 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Friday, June 28th. AvalonBay Communities’s payout ratio is 101.19%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVB. Mizuho raised their price objective on AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Argus raised their price target on AvalonBay Communities from $188.00 to $212.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Evercore ISI raised their price target on AvalonBay Communities from $205.00 to $207.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 9th. Wells Fargo & Company raised their price target on AvalonBay Communities from $210.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Truist Financial raised their price target on AvalonBay Communities from $207.00 to $213.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $207.76.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.