ING Groep NV decreased its stake in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 0.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,995 shares of the real estate investment trust’s stock after selling 112 shares during the period. ING Groep NV’s holdings in AvalonBay Communities were worth $4,279,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. &PARTNERS bought a new position in AvalonBay Communities in the second quarter valued at approximately $1,538,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in AvalonBay Communities by 14.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,952 shares of the real estate investment trust’s stock worth $6,115,000 after buying an additional 4,138 shares during the last quarter. Swedbank AB bought a new stake in AvalonBay Communities during the first quarter worth $4,532,000. Diversified Trust Co acquired a new stake in AvalonBay Communities in the second quarter valued at $1,139,000. Finally, DekaBank Deutsche Girozentrale grew its position in shares of AvalonBay Communities by 10.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 100,334 shares of the real estate investment trust’s stock valued at $18,338,000 after acquiring an additional 9,125 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently issued reports on AVB. Scotiabank dropped their target price on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a report on Thursday. Royal Bank of Canada decreased their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Truist Financial upped their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $226.88.
AvalonBay Communities Price Performance
AvalonBay Communities stock opened at $229.41 on Friday. The firm has a market cap of $32.63 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 3.40 and a beta of 0.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 2.03. The stock’s fifty day moving average price is $226.26 and its two-hundred day moving average price is $212.16. AvalonBay Communities, Inc. has a one year low of $166.60 and a one year high of $236.26.
AvalonBay Communities (NYSE:AVB – Get Free Report) last issued its quarterly earnings results 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 company had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the previous year, the business posted $2.66 EPS. As a group, research analysts expect that AvalonBay Communities, Inc. will post 11.04 EPS for the current fiscal year.
AvalonBay Communities Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 dividend on an annualized basis and a yield of 2.96%. AvalonBay Communities’s dividend payout ratio (DPR) is 93.02%.
Insider Buying and Selling at AvalonBay Communities
In related news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the sale, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.42% of the company’s stock.
AvalonBay Communities Company 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.
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