Teachers Retirement System of The State of Kentucky Sells 660 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Teachers Retirement System of The State of Kentucky lowered its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,586 shares of the real estate investment trust’s stock after selling 660 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in AvalonBay Communities were worth $2,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of AVB. Toronto Dominion Bank raised its stake in shares of AvalonBay Communities by 1.4% during the 3rd quarter. Toronto Dominion Bank now owns 70,650 shares of the real estate investment trust’s stock worth $15,914,000 after purchasing an additional 964 shares during the period. Coldstream Capital Management Inc. increased its holdings in AvalonBay Communities by 5.0% during the third quarter. Coldstream Capital Management Inc. now owns 11,910 shares of the real estate investment trust’s stock worth $2,684,000 after buying an additional 570 shares during the last quarter. Geode Capital Management LLC raised its position in AvalonBay Communities by 0.8% in the third quarter. Geode Capital Management LLC now owns 3,585,802 shares of the real estate investment trust’s stock worth $805,113,000 after acquiring an additional 27,988 shares during the period. Prestige Wealth Management Group LLC purchased a new position in AvalonBay Communities in the third quarter valued at about $419,000. Finally, Duff & Phelps Investment Management Co. grew its position in shares of AvalonBay Communities by 4.1% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 857,241 shares of the real estate investment trust’s stock valued at $193,094,000 after acquiring an additional 33,934 shares during the period. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Down 0.7 %

Shares of NYSE:AVB opened at $226.42 on Monday. The firm has a fifty day moving average of $227.15 and a 200 day moving average of $217.60. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $239.29. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The firm has a market capitalization of $32.21 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98.

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 the consensus estimate of $2.71 by ($0.10). The firm had revenue of $734.31 million for 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 quarter last year, the company posted $2.66 earnings per share. As a group, research 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. Stockholders of record on Tuesday, December 31st will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 3.00%. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Insider Activity

In related news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities 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 $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.42% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Evercore ISI upped their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. BNP Paribas started coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target on the stock. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. boosted their price objective on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company increased their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $228.67.

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.