AvalonBay Communities, Inc. (NYSE:AVB) Director Timothy J. Naughton Sells 23,697 Shares

AvalonBay Communities, Inc. (NYSE:AVB) Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $233.11 on Thursday. The firm has a market cap of $33.15 billion, a price-to-earnings ratio of 31.89, a P/E/G ratio of 3.36 and a beta of 0.97. AvalonBay Communities, Inc. has a 1 year low of $166.60 and a 1 year high of $236.26. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $226.11 and a 200 day simple moving average of $211.90.

AvalonBay Communities (NYSE:AVB) last released 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). The firm had revenue of $734.31 million during the quarter, compared to analyst estimates 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 prior year, the company posted $2.66 EPS. As a group, sell-side analysts predict that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is 93.02%.

Institutional Trading of AvalonBay Communities

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Daiwa Securities Group Inc. grew its stake in AvalonBay Communities by 487.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after buying an additional 298,322 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of AvalonBay Communities during the 3rd quarter worth about $581,960,000. Canada Pension Plan Investment Board boosted its stake in AvalonBay Communities by 14.4% during the 1st 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 purchasing an additional 249,400 shares during the period. SG Americas Securities LLC grew its holdings in AvalonBay Communities by 958.9% in the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after buying an additional 156,316 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new position in AvalonBay Communities in the 3rd quarter worth approximately $29,256,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BNP Paribas started coverage on shares of AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Royal Bank of Canada cut their price target on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Evercore ISI boosted their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Finally, Truist Financial upped their price target on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $227.06.

AvalonBay Communities Company Profile

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.