Cibc World Market Inc. lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 29.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 59,204 shares of the real estate investment trust’s stock after selling 24,812 shares during the period. Cibc World Market Inc.’s holdings in AvalonBay Communities were worth $10,734,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of AVB. Norges Bank bought a new position in shares of AvalonBay Communities in the fourth quarter valued at $1,394,635,000. Bank of America Corp DE increased its holdings in shares of AvalonBay Communities by 76.0% in the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after buying an additional 1,017,286 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of AvalonBay Communities by 9.3% in the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock valued at $815,360,000 after buying an additional 383,983 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of AvalonBay Communities by 1,765.8% in the fourth quarter. Teacher Retirement System of Texas now owns 348,068 shares of the real estate investment trust’s stock valued at $63,108,000 after buying an additional 329,413 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its holdings in shares of AvalonBay Communities by 126.5% in the third quarter. Bahl & Gaynor Inc. now owns 555,832 shares of the real estate investment trust’s stock valued at $107,370,000 after buying an additional 310,412 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.
AvalonBay Communities Trading Up 0.3%
AvalonBay Communities stock opened at $189.72 on Friday. The company’s fifty day simple moving average is $177.59 and its 200-day simple moving average is $177.38. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $209.86. The stock has a market cap of $26.39 billion, a P/E ratio of 27.50, a P/E/G ratio of 3.30 and a beta of 0.78.
Analyst Ratings Changes
Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Wolfe Research upgraded shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price objective on the stock in a research report on Monday, June 1st. Royal Bank Of Canada lifted their price objective on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Morgan Stanley reiterated an “equal weight” rating and set a $203.00 price objective (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. Finally, Truist Financial lowered their price objective on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $198.44.
Check Out Our Latest Report on AVB
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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