Allspring Global Investments Holdings LLC raised its position in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 12.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 17,102 shares of the real estate investment trust’s stock after acquiring an additional 1,936 shares during the period. Allspring Global Investments Holdings LLC’s holdings in AvalonBay Communities were worth $3,237,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of AvalonBay Communities by 4.2% in the 1st quarter. BlackRock Inc. now owns 15,654,737 shares of the real estate investment trust’s stock worth $2,630,935,000 after acquiring an additional 625,179 shares during the period. State Street Corp lifted its stake in shares of AvalonBay Communities by 5.6% in the first quarter. State Street Corp now owns 10,087,597 shares of the real estate investment trust’s stock valued at $1,711,547,000 after purchasing an additional 531,677 shares during the period. Norges Bank acquired a new stake in shares of AvalonBay Communities in the fourth quarter valued at about $1,001,550,000. JPMorgan Chase & Co. lifted its stake in shares of AvalonBay Communities by 18.5% in the first quarter. JPMorgan Chase & Co. now owns 4,863,429 shares of the real estate investment trust’s stock valued at $817,348,000 after purchasing an additional 759,388 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of AvalonBay Communities by 0.3% in the first quarter. Principal Financial Group Inc. now owns 4,861,951 shares of the real estate investment trust’s stock valued at $817,098,000 after purchasing an additional 12,865 shares during the period. Institutional investors and hedge funds own 88.71% of the company’s stock.
Insiders Place Their Bets
In other AvalonBay Communities news, EVP Joanne M. Lockridge sold 3,331 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $186.25, for a total transaction of $620,398.75. Following the completion of the sale, the executive vice president now directly owns 21,558 shares in the company, valued at $4,015,177.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.42% of the stock is owned by insiders.
AvalonBay Communities Price Performance
AvalonBay Communities Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were paid a dividend of $1.65 per share. The ex-dividend date was Thursday, September 28th. This represents a $6.60 annualized dividend and a yield of 3.85%. AvalonBay Communities’s dividend payout ratio is currently 100.46%.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on AVB. JPMorgan Chase & Co. raised their price objective on shares of AvalonBay Communities from $188.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, August 21st. Barclays cut their target price on shares of AvalonBay Communities from $195.00 to $194.00 and set an “equal weight” rating for the company in a research report on Friday, September 22nd. Piper Sandler upgraded shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $197.00 to $194.00 in a research report on Tuesday, October 31st. Evercore ISI cut their target price on shares of AvalonBay Communities from $202.00 to $192.00 in a research report on Monday, October 9th. Finally, Mizuho lowered their price target on shares of AvalonBay Communities from $190.00 to $186.00 and set a “neutral” rating for the company in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $195.82.
About AvalonBay Communities
As of June 30, 2023, the Company owned or held a direct or indirect ownership interest in 294 apartment communities containing 88,659 apartment homes in 12 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.
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