Allstate Corp Decreases Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Allstate Corp reduced its position in AvalonBay Communities, Inc. (NYSE:AVB) by 53.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 10,210 shares of the real estate investment trust’s stock after selling 11,501 shares during the period. Allstate Corp’s holdings in AvalonBay Communities were worth $2,246,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whipplewood Advisors LLC purchased a new position in shares of AvalonBay Communities in the fourth quarter valued at $36,000. Brooklyn Investment Group acquired a new stake in AvalonBay Communities in the 3rd quarter valued at about $39,000. Crowley Wealth Management Inc. purchased a new position in AvalonBay Communities during the 4th quarter valued at about $44,000. Generali Asset Management SPA SGR acquired a new position in AvalonBay Communities during the fourth quarter worth about $66,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in shares of AvalonBay Communities by 312.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 275 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Mizuho upgraded AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $239.00 to $242.00 in a research report on Monday, January 6th. Evercore ISI boosted their price target on AvalonBay Communities from $230.00 to $240.00 and gave the stock an “in-line” rating in a report on Monday, February 10th. Barclays decreased their price objective on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Truist Financial boosted their target price on shares of AvalonBay Communities from $229.00 to $230.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Finally, JPMorgan Chase & Co. raised shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $247.00 to $262.00 in a research note on Tuesday, December 17th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.64.

AvalonBay Communities Stock Performance

NYSE:AVB opened at $213.50 on Friday. The firm’s fifty day simple moving average is $217.50 and its 200 day simple moving average is $222.45. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. AvalonBay Communities, Inc. has a twelve month low of $177.40 and a twelve month high of $239.29. The firm has a market capitalization of $30.37 billion, a price-to-earnings ratio of 28.13, a PEG ratio of 3.11 and a beta of 1.00.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. As a group, equities research analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.75 per share. The ex-dividend date is Monday, March 31st. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.28%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s dividend payout ratio (DPR) is currently 92.23%.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.