Raymond James & Associates cut its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 6.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 148,451 shares of the real estate investment trust’s stock after selling 10,329 shares during the quarter. Raymond James & Associates owned 0.10% of AvalonBay Communities worth $33,439,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Blue Trust Inc. boosted its position in AvalonBay Communities by 115.2% during the 3rd quarter. Blue Trust Inc. now owns 2,668 shares of the real estate investment trust’s stock worth $552,000 after acquiring an additional 1,428 shares during the period. West Oak Capital LLC raised its stake in shares of AvalonBay Communities by 15.7% during the 3rd quarter. West Oak Capital LLC now owns 1,620 shares of the real estate investment trust’s stock worth $365,000 after purchasing an additional 220 shares in the last quarter. Vert Asset Management LLC raised its stake in shares of AvalonBay Communities by 1.6% during the 3rd quarter. Vert Asset Management LLC now owns 58,111 shares of the real estate investment trust’s stock worth $13,090,000 after purchasing an additional 919 shares in the last quarter. Aurora Investment Managers LLC. raised its stake in shares of AvalonBay Communities by 14.6% during the 3rd quarter. Aurora Investment Managers LLC. now owns 15,686 shares of the real estate investment trust’s stock worth $3,533,000 after purchasing an additional 1,997 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of AvalonBay Communities by 3.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 41,774 shares of the real estate investment trust’s stock worth $9,410,000 after purchasing an additional 1,377 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.
AvalonBay Communities Stock Performance
AVB opened at $229.54 on Thursday. The firm has a market capitalization of $32.64 billion, a P/E ratio of 34.16, a price-to-earnings-growth ratio of 3.33 and a beta of 0.97. The stock’s 50 day moving average price is $224.38 and its two-hundred day moving average price is $207.73. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 12-month low of $160.45 and a 12-month high of $236.26.
AvalonBay Communities Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is presently 101.19%.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on AVB shares. Evercore ISI raised their price target on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Truist Financial raised their price target on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Wells Fargo & Company raised their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Scotiabank raised their price objective on AvalonBay Communities from $229.00 to $244.00 and gave the company a “sector perform” rating in a research note on Monday, September 16th. Finally, BNP Paribas initiated coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $225.88.
Read Our Latest Research Report on AvalonBay Communities
Insider Transactions at AvalonBay Communities
In other news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.
AvalonBay Communities Company Profile
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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