Chevy Chase Trust Holdings LLC Sells 1,025 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Chevy Chase Trust Holdings LLC lowered its position in AvalonBay Communities, Inc. (NYSE:AVB) by 1.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,488 shares of the real estate investment trust’s stock after selling 1,025 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.06% of AvalonBay Communities worth $16,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Opal Wealth Advisors LLC bought a new position in shares of AvalonBay Communities during the 2nd quarter valued at $32,000. Byrne Asset Management LLC grew its stake in shares of AvalonBay Communities by 270.0% during the first quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 135 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of AvalonBay Communities by 1,877.8% in the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 169 shares during the period. BROOKFIELD Corp ON purchased a new stake in AvalonBay Communities during the 1st quarter valued at about $39,000. Finally, Pinnacle Bancorp Inc. grew its position in AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 75 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVB. Evercore ISI dropped their price target on shares of AvalonBay Communities from $218.00 to $216.00 and set an “in-line” rating for the company in a research report on Monday, August 12th. Morgan Stanley upped their price target on AvalonBay Communities from $203.00 to $209.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Argus lifted their target price on shares of AvalonBay Communities from $188.00 to $212.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Royal Bank of Canada upped their target price on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Finally, UBS Group boosted their target price on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $211.12.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock traded up $0.66 during trading hours on Tuesday, reaching $216.70. The company’s stock had a trading volume of 360,011 shares, compared to its average volume of 725,163. The firm has a 50 day moving average price of $205.90 and a 200-day moving average price of $192.91. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $30.81 billion, a P/E ratio of 32.17, a P/E/G ratio of 3.09 and a beta of 0.96. AvalonBay Communities, Inc. has a one year low of $160.45 and a one year high of $218.79.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same period in the previous year, the firm earned $2.66 earnings per share. On average, analysts predict that AvalonBay Communities, Inc. will post 10.97 EPS for the current year.

Insider Buying and Selling

In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.

AvalonBay Communities Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.