Bank of Nova Scotia Purchases 9,336 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Bank of Nova Scotia grew its stake in shares of AvalonBay Communities, Inc. (NYSE:AVBGet Rating) by 197.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,063 shares of the real estate investment trust’s stock after buying an additional 9,336 shares during the quarter. Bank of Nova Scotia’s holdings in AvalonBay Communities were worth $2,733,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Anson Funds Management LP bought a new position in shares of AvalonBay Communities during the first quarter valued at about $52,000. Clear Street Markets LLC grew its stake in shares of AvalonBay Communities by 414.0% during the second quarter. Clear Street Markets LLC now owns 293 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 236 shares during the last quarter. CX Institutional bought a new position in shares of AvalonBay Communities during the second quarter valued at about $58,000. Venture Visionary Partners LLC bought a new position in shares of AvalonBay Communities during the second quarter valued at about $59,000. Finally, Brown Brothers Harriman & Co. bought a new position in shares of AvalonBay Communities during the first quarter valued at about $69,000. 88.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVB has been the subject of a number of analyst reports. The Goldman Sachs Group dropped their target price on shares of AvalonBay Communities from $248.00 to $213.00 and set a “buy” rating for the company in a report on Tuesday, October 18th. Jefferies Financial Group dropped their target price on shares of AvalonBay Communities from $196.00 to $190.00 and set a “hold” rating for the company in a report on Wednesday, October 19th. Royal Bank of Canada dropped their target price on shares of AvalonBay Communities from $210.00 to $196.00 and set a “sector perform” rating for the company in a report on Tuesday, November 8th. Wolfe Research upgraded shares of AvalonBay Communities from a “peer perform” rating to an “outperform” rating and set a $292.00 price objective for the company in a report on Wednesday, August 24th. Finally, TheStreet lowered shares of AvalonBay Communities from a “b-” rating to a “c+” rating in a report on Friday, October 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $227.45.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $166.08 on Thursday. AvalonBay Communities, Inc. has a fifty-two week low of $158.35 and a fifty-two week high of $259.05. The company has a 50 day simple moving average of $180.66 and a two-hundred day simple moving average of $195.07. The company has a market capitalization of $23.23 billion, a price-to-earnings ratio of 18.89, a P/E/G ratio of 2.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.20 and a current ratio of 1.20.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Friday, December 30th will be given a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, December 29th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 72.36%.

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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