Legal & General Group Plc purchased a new position in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,943,251 shares of the real estate investment trust’s stock, valued at approximately $366,672,000. Legal & General Group Plc owned about 1.36% of AvalonBay Communities as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AVB. Reflection Asset Management purchased a new stake in shares of AvalonBay Communities during the 4th quarter worth $25,000. Clearstead Trust LLC grew its stake in shares of AvalonBay Communities by 56.0% during the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 56 shares in the last quarter. Zions Bancorporation National Association UT increased its holdings in AvalonBay Communities by 300.0% in the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 120 shares during the last quarter. BOKF NA purchased a new position in AvalonBay Communities in the third quarter valued at $31,000. Finally, Elyxium Wealth LLC acquired a new stake in AvalonBay Communities in the fourth quarter valued at $32,000. 92.61% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
AVB has been the subject of a number of recent analyst reports. Scotiabank lifted their price target on AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a report on Thursday, July 9th. Royal Bank Of Canada raised their target price on AvalonBay Communities from $180.00 to $188.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $190.00 price target on shares of AvalonBay Communities in a report on Wednesday, August 19th. Finally, Piper Sandler increased their price target on shares of AvalonBay Communities from $195.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $196.87.
AvalonBay Communities Price Performance
Shares of AVB opened at $184.06 on Wednesday. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $26.28 billion, a PE ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The firm has a fifty day moving average price of $187.67 and a 200 day moving average price of $180.57.
AvalonBay Communities (NYSE:AVB – Get Free Report) last announced its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million during the quarter, compared to analyst estimates of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same period last year, the company earned $2.82 earnings per share. As a group, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.
AvalonBay Communities Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $1.78 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 annualized dividend and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio is 116.34%.
AvalonBay Communities 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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