DnB Asset Management AS Sells 3,472 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

DnB Asset Management AS lowered its position in AvalonBay Communities, Inc. (NYSE:AVBGet Rating) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,127 shares of the real estate investment trust’s stock after selling 3,472 shares during the period. DnB Asset Management AS’s holdings in AvalonBay Communities were worth $6,046,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in AvalonBay Communities during the fourth quarter valued at $1,499,421,000. BlackRock Inc. lifted its position in AvalonBay Communities by 6.3% during the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock valued at $3,843,305,000 after acquiring an additional 898,161 shares during the period. Blackstone Inc. lifted its position in AvalonBay Communities by 119.1% during the 1st quarter. Blackstone Inc. now owns 1,434,795 shares of the real estate investment trust’s stock valued at $356,360,000 after acquiring an additional 779,818 shares during the period. Wellington Management Group LLP boosted its stake in AvalonBay Communities by 57.1% during the first quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock worth $531,516,000 after acquiring an additional 777,631 shares in the last quarter. Finally, State Street Corp grew its holdings in AvalonBay Communities by 7.6% in the fourth quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock worth $2,379,927,000 after purchasing an additional 658,377 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

AvalonBay Communities Stock Performance

AVB opened at $201.98 on Monday. The company’s 50 day moving average is $205.45 and its 200 day moving average is $216.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. The company has a market cap of $28.24 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 3.35 and a beta of 0.94. AvalonBay Communities, Inc. has a 12-month low of $183.35 and a 12-month high of $259.05.

AvalonBay Communities (NYSE:AVBGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.07. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. The business had revenue of $644.56 million for the quarter, compared to the consensus estimate of $632.41 million. During the same period last year, the firm earned $1.98 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. On average, equities research analysts predict that AvalonBay Communities, Inc. will post 9.83 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a dividend of $1.59 per share. The ex-dividend date is Thursday, September 29th. This represents a $6.36 annualized dividend and a yield of 3.15%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 109.28%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Piper Sandler dropped their price target on AvalonBay Communities from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 20th. Morgan Stanley increased their target price on AvalonBay Communities from $210.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, August 11th. The Goldman Sachs Group lifted their price target on AvalonBay Communities from $225.00 to $248.00 and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Evercore ISI set a $231.00 price objective on shares of AvalonBay Communities in a research report on Monday, June 20th. Finally, Barclays lifted their target price on shares of AvalonBay Communities from $229.00 to $235.00 and gave the stock an “equal weight” rating in a report on Thursday. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $241.90.

AvalonBay Communities Company Profile

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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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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