Bank of Nova Scotia Grows Position in AvalonBay Communities, Inc. (NYSE:AVB)

Bank of Nova Scotia boosted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVBFree Report) by 27.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,111 shares of the real estate investment trust’s stock after purchasing an additional 4,298 shares during the period. Bank of Nova Scotia’s holdings in AvalonBay Communities were worth $3,765,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Neo Ivy Capital Management purchased a new position in shares of AvalonBay Communities in the third quarter valued at about $3,610,000. Delta Investment Management LLC purchased a new position in shares of AvalonBay Communities in the fourth quarter valued at about $873,000. GSI Capital Advisors LLC lifted its position in shares of AvalonBay Communities by 21.3% in the fourth quarter. GSI Capital Advisors LLC now owns 50,774 shares of the real estate investment trust’s stock valued at $9,506,000 after acquiring an additional 8,925 shares in the last quarter. Ferguson Wellman Capital Management Inc. lifted its position in shares of AvalonBay Communities by 2.1% in the fourth 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 acquiring an additional 5,061 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of AvalonBay Communities by 14.4% in the fourth quarter. Van ECK Associates Corp now owns 58,931 shares of the real estate investment trust’s stock valued at $11,033,000 after acquiring an additional 7,397 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Kevin P. O’shea sold 5,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $5,812,330.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Kevin P. O’shea sold 5,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $5,812,330.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Scotiabank boosted their price objective on AvalonBay Communities from $193.00 to $213.00 and gave the company a “sector perform” rating in a research report on Tuesday, May 14th. Evercore ISI downgraded AvalonBay Communities from an “outperform” rating to an “inline” rating and set a $202.00 target price on the stock. in a research report on Monday, May 13th. Mizuho boosted their target price on AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Wells Fargo & Company boosted their target price on AvalonBay Communities from $189.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. Finally, Barclays boosted their target price on AvalonBay Communities from $204.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $204.89.

Get Our Latest Stock Analysis on AVB

AvalonBay Communities Trading Up 1.3 %

AVB opened at $196.93 on Wednesday. The stock has a market cap of $28.00 billion, a price-to-earnings ratio of 29.31, a P/E/G ratio of 2.82 and a beta of 0.94. The stock’s 50 day moving average price is $190.03 and its 200-day moving average price is $183.45. AvalonBay Communities, Inc. has a one year low of $160.45 and a one year high of $200.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07.

AvalonBay Communities (NYSE:AVBGet Free Report) last released its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). The business had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same period in the prior year, the company posted $2.57 EPS. On average, equities analysts forecast that AvalonBay Communities, Inc. will post 10.9 EPS for the current year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.45%. AvalonBay Communities’s dividend payout ratio is 101.19%.

About AvalonBay Communities

(Free Report)

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.

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

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