AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 2.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,239 shares of the real estate investment trust’s stock after selling 966 shares during the quarter. MetLife Investment Management LLC’s holdings in AvalonBay Communities were worth $9,289,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC acquired a new position in shares of AvalonBay Communities during the third quarter valued at $26,000. Townsquare Capital LLC grew its position in AvalonBay Communities by 42.0% in the 3rd quarter. Townsquare Capital LLC now owns 4,900 shares of the real estate investment trust’s stock valued at $1,104,000 after buying an additional 1,450 shares in the last quarter. BNP Paribas Financial Markets grew its position in AvalonBay Communities by 54.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 259,531 shares of the real estate investment trust’s stock valued at $58,459,000 after buying an additional 91,861 shares in the last quarter. Brooklyn Investment Group acquired a new position in AvalonBay Communities during the 3rd quarter valued at about $39,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of AvalonBay Communities by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 112,392 shares of the real estate investment trust’s stock worth $25,316,000 after buying an additional 2,702 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $237.81 on Friday. AvalonBay Communities, Inc. has a 12 month low of $169.37 and a 12 month high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a market cap of $33.83 billion, a PE ratio of 32.53, a price-to-earnings-growth ratio of 3.40 and a beta of 0.97. The business has a fifty day simple moving average of $226.74 and a 200-day simple moving average of $214.87.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the previous year, the business posted $2.66 earnings per share. On average, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 2.86%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

Insider Buying and Selling at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on AVB shares. Wells Fargo & Company raised their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Piper Sandler lifted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Truist Financial lifted their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Finally, Evercore ISI lifted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $226.88.

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.