Thrivent Financial for Lutherans Sells 13,795 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Thrivent Financial for Lutherans trimmed its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 4.0% during the third quarter, HoldingsChannel reports. The fund owned 333,088 shares of the real estate investment trust’s stock after selling 13,795 shares during the period. Thrivent Financial for Lutherans’ holdings in AvalonBay Communities were worth $75,028,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Natixis Advisors LLC raised its stake in shares of AvalonBay Communities by 4.8% in the 3rd quarter. Natixis Advisors LLC now owns 65,704 shares of the real estate investment trust’s stock valued at $14,800,000 after purchasing an additional 2,985 shares during the period. Empowered Funds LLC boosted its holdings in AvalonBay Communities by 10.3% during the third quarter. Empowered Funds LLC now owns 2,337 shares of the real estate investment trust’s stock worth $526,000 after purchasing an additional 218 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in AvalonBay Communities by 8.4% during the third quarter. CIBC Asset Management Inc now owns 21,666 shares of the real estate investment trust’s stock worth $4,880,000 after purchasing an additional 1,679 shares during the last quarter. OneDigital Investment Advisors LLC grew its position in AvalonBay Communities by 4.6% in the third quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust’s stock valued at $280,000 after purchasing an additional 55 shares in the last quarter. Finally, Nicola Wealth Management LTD. increased its stake in AvalonBay Communities by 10.5% in the 3rd quarter. Nicola Wealth Management LTD. now owns 9,450 shares of the real estate investment trust’s stock valued at $2,129,000 after buying an additional 900 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

AvalonBay Communities Trading Up 0.6 %

Shares of AVB stock opened at $229.41 on Monday. AvalonBay Communities, Inc. has a 12-month low of $166.60 and a 12-month high of $236.26. The company has a market capitalization of $32.63 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 3.35 and a beta of 0.97. The firm has a 50 day moving average price of $226.38 and a two-hundred day moving average price of $212.76. The company has a quick ratio of 2.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB) last released 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 return on equity of 8.84% and a net margin of 36.20%. The firm 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 business posted $2.66 earnings per share. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.96%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now owns 87,239 shares of the company’s stock, valued at $20,367,689.33. The trade was a 21.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Scotiabank reduced their price objective on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research note on Thursday. Royal Bank of Canada decreased their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. BNP Paribas initiated coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Truist Financial raised their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $226.88.

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.