Cohen & Steers Inc. reduced its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 98.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,308 shares of the real estate investment trust’s stock after selling 697,189 shares during the period. Cohen & Steers Inc.’s holdings in AvalonBay Communities were worth $3,554,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVB. abrdn plc increased its stake in shares of AvalonBay Communities by 5.0% during the 4th quarter. abrdn plc now owns 329,603 shares of the real estate investment trust’s stock worth $83,255,000 after purchasing an additional 15,608 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of AvalonBay Communities by 37.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 7,360 shares of the real estate investment trust’s stock worth $1,859,000 after purchasing an additional 2,024 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of AvalonBay Communities by 12.2% during the 4th quarter. HighTower Advisors LLC now owns 10,795 shares of the real estate investment trust’s stock worth $2,737,000 after purchasing an additional 1,174 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $11,596,000. Finally, Roundview Capital LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $203,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
AVB has been the topic of several recent analyst reports. Morgan Stanley boosted their price objective on shares of AvalonBay Communities from $210.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, August 11th. Evercore ISI set a $231.00 target price on shares of AvalonBay Communities in a report on Monday, June 20th. Mizuho reduced their target price on shares of AvalonBay Communities from $260.00 to $212.00 and set a “buy” rating for the company in a report on Monday, June 27th. The Goldman Sachs Group lifted their target price on shares of AvalonBay Communities from $225.00 to $248.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Jefferies Financial Group reduced their target price on shares of AvalonBay Communities from $214.00 to $174.00 and set a “hold” rating for the company in a report on Thursday, June 30th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $241.60.
AvalonBay Communities Price Performance
AvalonBay Communities (NYSE:AVB – Get Rating) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. The company had revenue of $644.56 million during the quarter, compared to analysts’ expectations of $632.41 million. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.98 EPS. On average, equities research analysts predict that AvalonBay Communities, Inc. will post 9.83 EPS for the current fiscal year.
AvalonBay Communities Company Profile
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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