Bleakley Financial Group LLC Decreases Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Bleakley Financial Group LLC reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 12.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,182 shares of the real estate investment trust’s stock after selling 161 shares during the quarter. Bleakley Financial Group LLC’s holdings in AvalonBay Communities were worth $221,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Neo Ivy Capital Management purchased a new position in shares of AvalonBay Communities in the 3rd quarter valued at approximately $3,610,000. Ferguson Wellman Capital Management Inc. raised its position in shares of AvalonBay Communities by 2.1% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 248,699 shares of the real estate investment trust’s stock valued at $46,561,000 after purchasing an additional 5,061 shares during the last quarter. Sterling Investment Management LLC purchased a new position in shares of AvalonBay Communities in the 4th quarter valued at approximately $1,625,000. Glenmede Trust Co. NA increased its holdings in AvalonBay Communities by 55.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,890 shares of the real estate investment trust’s stock worth $496,000 after buying an additional 1,031 shares during the period. Finally, Royal London Asset Management Ltd. increased its holdings in AvalonBay Communities by 0.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 57,789 shares of the real estate investment trust’s stock worth $9,930,000 after buying an additional 200 shares during the period. 92.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $185.65, for a total value of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $180.72 on Tuesday. The company’s fifty day moving average price is $180.54 and its 200 day moving average price is $177.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $25.69 billion, a P/E ratio of 27.59, a P/E/G ratio of 3.42 and a beta of 0.92. AvalonBay Communities, Inc. has a 1 year low of $160.45 and a 1 year high of $198.65.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). The firm had revenue of $704.71 million during the quarter, compared to analysts’ expectations of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same quarter in the previous year, the business posted $2.59 EPS. As a group, equities research analysts anticipate that AvalonBay Communities, Inc. will post 10.8 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.70 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $6.80 dividend on an annualized basis and a yield of 3.76%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. AvalonBay Communities’s dividend payout ratio (DPR) is presently 103.82%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $207.00 price target on shares of AvalonBay Communities in a report on Tuesday, March 26th. Morgan Stanley upgraded shares of AvalonBay Communities from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $175.00 to $191.50 in a report on Monday, February 26th. Barclays upgraded shares of AvalonBay Communities from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $194.00 to $204.00 in a report on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of AvalonBay Communities in a report on Tuesday, January 30th. They issued a “buy” rating and a $206.00 price target on the stock. Finally, Truist Financial cut their price target on shares of AvalonBay Communities from $201.00 to $197.00 and set a “hold” rating on the stock in a report on Tuesday, April 9th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and an average price target of $196.78.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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.