BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 3,479 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 12.8% in the third quarter, Holdings Channel reports. The firm owned 23,721 shares of the real estate investment trust’s stock after selling 3,479 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in AvalonBay Communities were worth $5,343,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVB. Edgestream Partners L.P. increased its holdings in AvalonBay Communities by 14.4% during the third quarter. Edgestream Partners L.P. now owns 20,018 shares of the real estate investment trust’s stock worth $4,509,000 after buying an additional 2,513 shares during the last quarter. Eventide Asset Management LLC grew its position in shares of AvalonBay Communities by 27.9% in the 3rd quarter. Eventide Asset Management LLC now owns 152,408 shares of the real estate investment trust’s stock valued at $34,330,000 after acquiring an additional 33,230 shares during the period. Martingale Asset Management L P increased its stake in shares of AvalonBay Communities by 150.4% during the 3rd quarter. Martingale Asset Management L P now owns 33,550 shares of the real estate investment trust’s stock worth $7,557,000 after purchasing an additional 20,149 shares during the last quarter. Vinva Investment Management Ltd raised its holdings in shares of AvalonBay Communities by 76.4% in the 3rd quarter. Vinva Investment Management Ltd now owns 9,969 shares of the real estate investment trust’s stock valued at $2,245,000 after purchasing an additional 4,318 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 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 purchasing an additional 1,494,872 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities stock in a transaction dated 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 transaction, the director now owns 87,239 shares in the company, valued at $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.42% of the company’s stock.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $230.73 on Tuesday. The firm has a market cap of $32.82 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 3.44 and a beta of 0.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock’s fifty day moving average price is $226.85 and its two-hundred day moving average price is $215.37. AvalonBay Communities, Inc. has a one year low of $169.37 and a one year high of $239.29.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results 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 company had revenue of $734.31 million during the quarter, compared to the consensus estimate 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 previous year, the business posted $2.66 EPS. As a group, research analysts expect that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently disclosed 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 is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a yield of 2.95%. AvalonBay Communities’s dividend payout ratio (DPR) is 93.02%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AVB shares. Royal Bank of Canada lowered their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft increased their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Truist Financial lifted their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. 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 research report on Monday, September 16th. Finally, 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 target price for the company. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $228.67.

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.