Tobam Sells 601 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Tobam lessened its position in AvalonBay Communities, Inc. (NYSE:AVB) by 53.9% in the first quarter, HoldingsChannel.com reports. The fund owned 514 shares of the real estate investment trust’s stock after selling 601 shares during the period. Tobam’s holdings in AvalonBay Communities were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in AvalonBay Communities in the 4th quarter valued at about $1,499,050,000. Price T Rowe Associates Inc. MD raised its stake in AvalonBay Communities by 35.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust’s stock valued at $1,133,328,000 after buying an additional 1,336,698 shares during the period. Principal Financial Group Inc. raised its stake in AvalonBay Communities by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 4,590,539 shares of the real estate investment trust’s stock valued at $1,009,781,000 after buying an additional 27,629 shares during the period. Geode Capital Management LLC lifted its holdings in AvalonBay Communities by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 3,693,457 shares of the real estate investment trust’s stock valued at $810,470,000 after purchasing an additional 107,655 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in shares of AvalonBay Communities by 25.7% during the 4th quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust’s stock worth $688,527,000 after buying an additional 639,402 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Barclays upped their price objective on AvalonBay Communities from $227.00 to $240.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Scotiabank cut their target price on AvalonBay Communities from $251.00 to $236.00 and set a “sector perform” rating for the company in a research note on Friday. BMO Capital Markets downgraded shares of AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 price target on the stock. in a research note on Friday, April 4th. Royal Bank of Canada reduced their price objective on AvalonBay Communities from $223.00 to $220.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Finally, Truist Financial boosted their target price on shares of AvalonBay Communities from $229.00 to $230.00 and gave the stock a “hold” rating in a report on Monday, March 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $236.79.

AvalonBay Communities Trading Down 1.4%

NYSE AVB opened at $205.99 on Friday. AvalonBay Communities, Inc. has a one year low of $180.40 and a one year high of $239.29. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. The business has a 50 day simple moving average of $204.19 and a 200 day simple moving average of $213.49. The stock has a market capitalization of $29.33 billion, a P/E ratio of 27.14, a P/E/G ratio of 3.11 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.03. AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. The company had revenue of $693.43 million for the quarter, compared to analysts’ expectations of $744.61 million. During the same quarter in the prior year, the firm earned $2.70 EPS. Research analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Monday, June 30th. AvalonBay Communities’s payout ratio is presently 87.17%.

AvalonBay Communities Profile

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.