CIBC Asset Management Inc Acquires 110 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

CIBC Asset Management Inc lifted its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,776 shares of the real estate investment trust’s stock after acquiring an additional 110 shares during the period. CIBC Asset Management Inc’s holdings in AvalonBay Communities were worth $4,790,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp increased its position in shares of AvalonBay Communities by 2.2% during the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock worth $2,097,971,000 after acquiring an additional 196,938 shares in the last quarter. Principal Financial Group Inc. grew its position in AvalonBay Communities by 0.6% in the 4th quarter. Principal Financial Group Inc. now owns 4,590,539 shares of the real estate investment trust’s stock worth $1,009,781,000 after purchasing an additional 27,629 shares in the last quarter. JPMorgan Chase & Co. grew its position in AvalonBay Communities by 1.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock worth $914,627,000 after purchasing an additional 55,588 shares in the last quarter. Geode Capital Management LLC grew its position in AvalonBay Communities by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,585,802 shares of the real estate investment trust’s stock worth $805,113,000 after purchasing an additional 27,988 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in AvalonBay Communities by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock worth $504,658,000 after purchasing an additional 78,800 shares in the last quarter. 92.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler reduced their price objective on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating for the company in a research report on Tuesday, February 11th. Royal Bank of Canada upped their price objective on shares of AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Barclays reduced their price objective on shares of AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research report on Wednesday. Zelman & Associates raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $247.00 to $262.00 in a research report on Tuesday, December 17th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities presently has a consensus rating of “Moderate Buy” and an average price target of $235.47.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $217.41 on Thursday. The stock has a market capitalization of $30.92 billion, a P/E ratio of 28.64, a PEG ratio of 3.10 and a beta of 0.99. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The firm’s 50 day moving average is $219.08 and its 200 day moving average is $222.78. AvalonBay Communities, Inc. has a 12 month low of $172.85 and a 12 month high of $239.29.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. On average, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.75 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Monday, March 31st. AvalonBay Communities’s dividend payout ratio is presently 89.59%.

AvalonBay Communities Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.