Public Sector Pension Investment Board Grows Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Public Sector Pension Investment Board boosted its position in AvalonBay Communities, Inc. (NYSE:AVB) by 25.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,776 shares of the real estate investment trust’s stock after purchasing an additional 5,042 shares during the quarter. Public Sector Pension Investment Board’s holdings in AvalonBay Communities were worth $5,581,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors 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 3rd quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in AvalonBay Communities during the second quarter worth approximately $32,000. Versant Capital Management Inc boosted its stake in AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 169 shares during the last quarter. Brooklyn Investment Group purchased a new stake in AvalonBay Communities in the 3rd quarter valued at $39,000. Finally, Mather Group LLC. increased its stake in shares of AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Insider Buying and Selling at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is owned by insiders.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $235.35 on Monday. The firm has a 50 day moving average of $226.85 and a two-hundred day moving average of $215.37. The stock has a market capitalization of $33.48 billion, a PE ratio of 32.20, a P/E/G ratio of 3.44 and a beta of 0.97. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. AvalonBay Communities, Inc. has a 52 week low of $169.37 and a 52 week high of $239.29.

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

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.89%. AvalonBay Communities’s payout ratio is currently 93.02%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AVB shares. Evercore ISI upped their price objective 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. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. 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 report on Tuesday, September 10th. Truist Financial increased their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reduced their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $228.67.

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.