Portfolio Design Labs LLC Takes Position in AvalonBay Communities, Inc. (NYSE:AVB)

Portfolio Design Labs LLC bought a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,609 shares of the real estate investment trust’s stock, valued at approximately $3,966,000. AvalonBay Communities comprises approximately 1.1% of Portfolio Design Labs LLC’s investment portfolio, making the stock its 18th biggest position.

A number of other large investors have also recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board acquired a new stake in shares of AvalonBay Communities in the third quarter worth $1,292,000. Hilton Capital Management LLC raised its holdings in AvalonBay Communities by 36.1% in the 3rd quarter. Hilton Capital Management LLC now owns 60,584 shares of the real estate investment trust’s stock worth $13,647,000 after acquiring an additional 16,065 shares during the period. Prospera Private Wealth LLC acquired a new position in AvalonBay Communities during the 3rd quarter worth $51,000. PNC Financial Services Group Inc. boosted its holdings in AvalonBay Communities by 25.6% during the third quarter. PNC Financial Services Group Inc. now owns 19,205 shares of the real estate investment trust’s stock valued at $4,326,000 after acquiring an additional 3,920 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of AvalonBay Communities in the third quarter worth about $2,368,000. Institutional investors own 92.61% of the company’s stock.

Insider Buying and Selling at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the sale, the director now owns 111,436 shares in the company, valued at $26,051,508.08. This represents a 1.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Evercore ISI raised their target price on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Truist Financial boosted their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Piper Sandler increased their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Scotiabank decreased their target price on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. upped their price target on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Eleven analysts have rated the stock with a hold rating and seven have given a buy 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 $226.88.

AvalonBay Communities Price Performance

Shares of AVB stock opened at $229.40 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $32.63 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 3.35 and a beta of 0.97. The firm’s 50 day moving average is $226.46 and its 200-day moving average is $213.28. AvalonBay Communities, Inc. has a 1 year low of $166.60 and a 1 year high of $236.26.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The firm had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the previous year, the business posted $2.66 earnings per share. Sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.04 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s payout ratio is 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.