1832 Asset Management L.P. raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 55.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 342,524 shares of the real estate investment trust’s stock after buying an additional 122,369 shares during the quarter. 1832 Asset Management L.P.’s holdings in AvalonBay Communities were worth $83,906,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in AVB. abrdn plc grew its holdings in AvalonBay Communities by 5.0% during the 4th quarter. abrdn plc now owns 329,603 shares of the real estate investment trust’s stock valued at $83,255,000 after buying an additional 15,608 shares in the last quarter. HighTower Advisors LLC grew its holdings in 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 valued at $2,737,000 after buying an additional 1,174 shares in the last quarter. Rhumbline Advisers grew its holdings in AvalonBay Communities by 1.3% during the 4th quarter. Rhumbline Advisers now owns 249,735 shares of the real estate investment trust’s stock valued at $63,081,000 after buying an additional 3,242 shares in the last quarter. Covestor Ltd purchased a new position in shares of AvalonBay Communities during the fourth quarter worth about $65,000. Finally, Guardian Capital LP purchased a new position in shares of AvalonBay Communities during the fourth quarter worth about $253,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.
AvalonBay Communities Price Performance
Shares of AvalonBay Communities stock opened at $214.22 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. The company has a market cap of $29.95 billion, a PE ratio of 36.81, a P/E/G ratio of 3.56 and a beta of 0.94. The business has a 50 day moving average of $204.19 and a 200 day moving average of $217.13. AvalonBay Communities, Inc. has a 52 week low of $183.35 and a 52 week high of $259.05.
Wall Street Analyst Weigh In
Several brokerages have recently commented on AVB. The Goldman Sachs Group boosted their price objective on AvalonBay Communities from $225.00 to $248.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Citigroup boosted their price objective on AvalonBay Communities to $220.00 in a report on Tuesday, August 9th. Credit Suisse Group began coverage on AvalonBay Communities in a report on Wednesday, June 22nd. They set a “neutral” rating and a $208.00 price objective for the company. Morgan Stanley boosted their price objective on AvalonBay Communities from $210.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 11th. Finally, Scotiabank cut their target price on AvalonBay Communities from $262.00 to $238.00 in a research note on Thursday, May 19th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $241.60.
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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