Los Angeles Capital Management LLC Purchases Shares of 19,784 AvalonBay Communities, Inc. (NYSE:AVB)

Los Angeles Capital Management LLC purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 3rd quarter, HoldingsChannel reports. The firm purchased 19,784 shares of the real estate investment trust’s stock, valued at approximately $4,456,000.

Other institutional investors also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its position in AvalonBay Communities by 487.8% during the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock worth $74,372,000 after buying an additional 298,322 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of AvalonBay Communities in the 3rd quarter worth approximately $581,960,000. Canada Pension Plan Investment Board grew its holdings in shares of AvalonBay Communities by 14.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after purchasing an additional 249,400 shares in the last quarter. SG Americas Securities LLC increased its position in shares of AvalonBay Communities by 958.9% during the third quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after purchasing an additional 156,316 shares during the period. Finally, Artemis Investment Management LLP acquired a new position in shares of AvalonBay Communities in the third quarter valued at $29,256,000. 92.61% of the stock is owned by institutional investors.

AvalonBay Communities Trading Down 0.9 %

Shares of AVB opened at $230.19 on Wednesday. The stock’s fifty day simple moving average is $226.05 and its 200-day simple moving average is $211.63. The firm has a market capitalization of $32.74 billion, a PE ratio of 31.49, a price-to-earnings-growth ratio of 3.55 and a beta of 0.97. AvalonBay Communities, Inc. has a 12-month low of $164.76 and a 12-month high of $236.26. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). The business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period last year, the business posted $2.66 EPS. As a group, research analysts predict that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s payout ratio is 93.02%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVB. Evercore ISI boosted their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Royal Bank of Canada lowered their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Truist Financial raised their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft upped their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Piper Sandler boosted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $227.06.

AvalonBay Communities Profile

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.