Canada Pension Plan Investment Board acquired a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 215,587 shares of the real estate investment trust’s stock, valued at approximately $40,679,000. Canada Pension Plan Investment Board owned about 0.15% of AvalonBay Communities as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVB. Legal & General Group Plc purchased a new stake in AvalonBay Communities during the 2nd quarter valued at $366,672,000. The Manufacturers Life Insurance Company purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth $15,884,000. Cetera Trust Company N.A purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth $228,000. Visionary Wealth Advisors bought a new stake in shares of AvalonBay Communities in the second quarter worth $392,000. Finally, Ally Financial Inc. bought a new stake in shares of AvalonBay Communities in the second quarter worth $1,321,000. Institutional investors own 92.61% of the company’s stock.
AvalonBay Communities Stock Performance
NYSE:AVB opened at $184.06 on Friday. The stock has a 50-day simple moving average of $187.89 and a two-hundred day simple moving average of $180.75. AvalonBay Communities, Inc. has a 52-week low of $160.10 and a 52-week high of $198.63. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $26.28 billion, a PE ratio of 30.08, a P/E/G ratio of 2.98 and a beta of 0.76.
AvalonBay Communities Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.78 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on the company. Truist Financial raised their target price on AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Scotiabank increased their price objective on shares of AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 9th. Jefferies Financial Group raised shares of AvalonBay Communities to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Barclays upped their target price on shares of AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $196.87.
Read Our Latest Stock Analysis on AvalonBay Communities
AvalonBay Communities Company Profile
AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.
AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.
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