AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,367 shares of the real estate investment trust’s stock after selling 6,683 shares during the quarter. State of Alaska Department of Revenue’s holdings in AvalonBay Communities were worth $20,353,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of AvalonBay Communities by 13.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,987 shares of the real estate investment trust’s stock valued at $1,799,000 after buying an additional 975 shares during the period. PFG Investments LLC boosted its holdings in AvalonBay Communities by 6.1% in the third quarter. PFG Investments LLC now owns 1,097 shares of the real estate investment trust’s stock valued at $247,000 after acquiring an additional 63 shares during the last quarter. Forsta AP Fonden grew its position in AvalonBay Communities by 51.7% during the third quarter. Forsta AP Fonden now owns 48,400 shares of the real estate investment trust’s stock valued at $10,902,000 after acquiring an additional 16,500 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in AvalonBay Communities by 57.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,234 shares of the real estate investment trust’s stock worth $4,783,000 after acquiring an additional 7,714 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new position in shares of AvalonBay Communities in the 3rd quarter worth about $221,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insiders Place Their Bets

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares of the company’s stock, valued at $908,026.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $226.35 on Friday. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week 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 0.71. The stock has a market cap of $32.18 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 3.33 and a beta of 0.97. The stock has a 50 day moving average of $224.90 and a 200-day moving average of $208.30.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company earned $2.66 earnings per share. On average, analysts expect that AvalonBay Communities, Inc. will post 11.01 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.00%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s payout ratio is currently 101.19%.

Analyst Upgrades and Downgrades

AVB has been the subject of a number of research reports. Evercore ISI boosted their target price on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Piper Sandler raised their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. 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. Finally, Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, AvalonBay Communities presently has a consensus rating of “Hold” and a consensus target price of $225.88.

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.