Chevy Chase Trust Holdings LLC Has $16.61 Million Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 2.1% in the fourth quarter, HoldingsChannel reports. The firm owned 75,517 shares of the real estate investment trust’s stock after selling 1,607 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in AvalonBay Communities were worth $16,611,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp increased its holdings in AvalonBay Communities by 2.2% during the 3rd quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock valued at $2,097,971,000 after purchasing an additional 196,938 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in AvalonBay Communities by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock valued at $914,627,000 after purchasing an additional 55,588 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of AvalonBay Communities by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,585,802 shares of the real estate investment trust’s stock valued at $805,113,000 after buying an additional 27,988 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of AvalonBay Communities by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock valued at $504,658,000 after buying an additional 78,800 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AvalonBay Communities by 678.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock valued at $386,315,000 after buying an additional 1,494,872 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

AVB opened at $217.97 on Friday. The business’s 50-day moving average price is $219.58 and its two-hundred day moving average price is $222.49. AvalonBay Communities, Inc. has a 1 year low of $172.85 and a 1 year high of $239.29. The company has a market capitalization of $31.00 billion, a price-to-earnings ratio of 28.72, a P/E/G ratio of 3.10 and a beta of 0.99. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. Equities analysts expect that AvalonBay Communities, Inc. will post 11.53 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.75 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s payout ratio is currently 89.59%.

Analyst Ratings Changes

AVB has been the subject of several research reports. JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $247.00 to $262.00 in a research note on Tuesday, December 17th. Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $239.00 to $242.00 in a research note on Monday, January 6th. Barclays reduced their price target on AvalonBay Communities from $243.00 to $230.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Piper Sandler reduced their price target on AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 11th. Finally, Royal Bank of Canada raised their price target on AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.73.

AvalonBay Communities Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.