AvalonBay Communities, Inc. (NYSE:AVB) Shares Bought by Citigroup Inc.

Citigroup Inc. increased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 9.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 201,788 shares of the real estate investment trust’s stock after purchasing an additional 17,036 shares during the quarter. Citigroup Inc.’s holdings in AvalonBay Communities were worth $45,453,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of AVB. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities in the 2nd quarter worth about $32,000. Versant Capital Management Inc raised its holdings in AvalonBay Communities by 1,877.8% in the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 169 shares during the period. Mather Group LLC. raised its holdings in AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 56 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of AvalonBay Communities during the third quarter valued at approximately $51,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of AvalonBay Communities by 38.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 73 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insider Buying and Selling

In other news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVB shares. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Wells Fargo & Company increased their target price on AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Evercore ISI increased 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. Deutsche Bank Aktiengesellschaft increased their target price on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Truist Financial increased their target price on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $226.88.

AvalonBay Communities Trading Up 0.6 %

Shares of AvalonBay Communities stock opened at $231.94 on Monday. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 3.37 and a beta of 0.97. AvalonBay Communities, Inc. has a fifty-two week low of $169.37 and a fifty-two week high of $236.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a 50 day moving average of $226.36 and a 200 day moving average of $214.02.

AvalonBay Communities (NYSE:AVB) last issued 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). The business had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same quarter in the previous year, the company posted $2.66 earnings per share. As a group, research analysts predict that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 2.93%. 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.