ABC Arbitrage SA boosted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 1,310.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 22,924 shares of the real estate investment trust’s stock after purchasing an additional 21,299 shares during the quarter. ABC Arbitrage SA’s holdings in AvalonBay Communities were worth $3,745,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Auto Owners Insurance Co lifted its holdings in shares of AvalonBay Communities by 18,031.0% in the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock valued at $213,677,000 after buying an additional 11,720,150 shares during the period. Norges Bank purchased a new stake in shares of AvalonBay Communities in the fourth quarter worth about $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in AvalonBay Communities by 15,065.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust’s stock worth $326,552,000 after acquiring an additional 1,789,195 shares during the period. Bank of America Corp DE grew its holdings in AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock worth $455,077,000 after acquiring an additional 1,017,286 shares during the period. Finally, JPMorgan Chase & Co. raised its position in AvalonBay Communities by 22.4% during the fourth quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust’s stock valued at $935,551,000 after acquiring an additional 944,129 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. Cantor Fitzgerald boosted their price target on AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Jefferies Financial Group raised shares of AvalonBay Communities to a “hold” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AvalonBay Communities in a report on Monday, July 6th. Wall Street Zen upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Piper Sandler increased their price target on shares of AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $195.67.
AvalonBay Communities Price Performance
Shares of AvalonBay Communities stock opened at $194.65 on Tuesday. The firm has a market cap of $27.65 billion, a PE ratio of 28.21, a P/E/G ratio of 3.34 and a beta of 0.77. AvalonBay Communities, Inc. has a twelve month low of $160.10 and a twelve month high of $205.00. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $186.36 and a 200 day moving average price of $178.85.
AvalonBay Communities (NYSE:AVB – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The business had revenue of $770.28 million for the quarter, compared to analysts’ expectations of $768.80 million. During the same quarter in the prior year, the company posted $2.83 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.28 earnings per share for the current fiscal year.
AvalonBay Communities Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.78 per share. The ex-dividend date is Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. AvalonBay Communities’s dividend payout ratio (DPR) is 103.19%.
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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