Kentucky Retirement Systems Insurance Trust Fund Trims Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 8.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,205 shares of the real estate investment trust’s stock after selling 375 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in AvalonBay Communities were worth $947,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. &PARTNERS acquired a new position in AvalonBay Communities during the second quarter worth approximately $1,538,000. Swedbank AB purchased a new position in shares of AvalonBay Communities in the 1st quarter worth $4,532,000. Diversified Trust Co acquired a new position in AvalonBay Communities in the second quarter valued at $1,139,000. DekaBank Deutsche Girozentrale grew its position in AvalonBay Communities by 10.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 100,334 shares of the real estate investment trust’s stock valued at $18,338,000 after acquiring an additional 9,125 shares during the period. Finally, Tidal Investments LLC increased its stake in AvalonBay Communities by 36.5% during the first quarter. Tidal Investments LLC now owns 37,638 shares of the real estate investment trust’s stock worth $6,984,000 after acquiring an additional 10,057 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Stock Up 0.6 %

AVB stock opened at $229.41 on Monday. The company has a current ratio of 1.64, a quick ratio of 2.03 and a debt-to-equity ratio of 0.70. The firm has a 50 day simple moving average of $226.38 and a 200-day simple moving average of $212.76. The company has a market capitalization of $32.63 billion, a P/E ratio of 31.38, a PEG ratio of 3.35 and a beta of 0.97. AvalonBay Communities, Inc. has a twelve month low of $166.60 and a twelve month high of $236.26.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data 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). The company had revenue of $734.31 million for 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 period in the prior year, the business earned $2.66 earnings per share. On average, equities research analysts predict that AvalonBay Communities, Inc. will post 11.04 earnings per share 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. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s payout ratio is currently 93.02%.

Insiders Place Their Bets

In related news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $233.78, for a total transaction of $528,576.58. Following the sale, the director now directly owns 111,436 shares of the company’s stock, valued at approximately $26,051,508.08. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVB has been the topic of several research analyst reports. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Scotiabank reduced their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research report on Thursday. Evercore ISI increased their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Truist Financial lifted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Finally, BNP Paribas initiated coverage on AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price target for the company. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and an average target price of $226.88.

AvalonBay Communities 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.