Advisor Resource Council Takes $538,000 Position in AvalonBay Communities, Inc. (NYSE:AVB)

Advisor Resource Council acquired a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,390 shares of the real estate investment trust’s stock, valued at approximately $538,000.

Other hedge funds have also recently bought and sold shares of the company. Graypoint LLC purchased a new stake in AvalonBay Communities during the third quarter worth about $216,000. FSM Wealth Advisors LLC acquired a new position in AvalonBay Communities during the 3rd quarter worth approximately $232,000. QRG Capital Management Inc. raised its holdings in AvalonBay Communities by 101.0% during the third quarter. QRG Capital Management Inc. now owns 16,383 shares of the real estate investment trust’s stock worth $3,690,000 after purchasing an additional 8,234 shares in the last quarter. National Pension Service grew its holdings in shares of AvalonBay Communities by 9.8% during the third quarter. National Pension Service now owns 212,409 shares of the real estate investment trust’s stock worth $47,845,000 after purchasing an additional 18,888 shares during the last quarter. Finally, Intact Investment Management Inc. increased its position in AvalonBay Communities by 8.0% during the third quarter. Intact Investment Management Inc. now owns 31,100 shares of the real estate investment trust’s stock worth $7,005,000 after buying an additional 2,300 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on AVB. Piper Sandler upped their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Evercore ISI upped their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Royal Bank of Canada lowered their price objective on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $227.06.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $224.93 on Thursday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a twelve month low of $164.76 and a twelve month high of $236.26. The business has a 50 day simple moving average of $225.66 and a 200-day simple moving average of $210.60. The company has a market capitalization of $31.99 billion, a price-to-earnings ratio of 30.77, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The company had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same period in the previous year, the company earned $2.66 EPS. As a group, equities research analysts expect that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

About AvalonBay Communities

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.