Los Angeles Capital Management LLC Takes $4.46 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

Los Angeles Capital Management LLC purchased a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 19,784 shares of the real estate investment trust’s stock, valued at approximately $4,456,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in AvalonBay Communities by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock worth $429,145,000 after acquiring an additional 13,631 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after acquiring an additional 249,400 shares during the period. Clearbridge Investments LLC grew its position in shares of AvalonBay Communities by 0.5% during the first quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock worth $342,824,000 after acquiring an additional 8,809 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after acquiring an additional 126,055 shares during the period. Finally, Janus Henderson Group PLC lifted its position in AvalonBay Communities by 6.1% in the 1st quarter. Janus Henderson Group PLC now owns 521,815 shares of the real estate investment trust’s stock valued at $96,781,000 after purchasing an additional 29,953 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $230.19 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.03 and a quick ratio of 2.03. The company has a market cap of $32.74 billion, a P/E ratio of 31.49, a price-to-earnings-growth ratio of 3.55 and a beta of 0.97. AvalonBay Communities, Inc. has a fifty-two week low of $164.76 and a fifty-two week high of $236.26. The firm’s 50 day simple moving average is $226.05 and its 200-day simple moving average is $211.63.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results 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 net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same period in the previous year, the firm posted $2.66 earnings per share. As a group, equities research analysts predict that AvalonBay Communities, Inc. will post 11.04 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.70 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 2.95%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Piper Sandler boosted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. BNP Paribas assumed coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target on the stock. Evercore ISI increased their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Truist Financial boosted their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $227.06.

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.