AvalonBay Communities, Inc. $AVB Shares Bought by Allstate Corp

Allstate Corp increased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 250.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,152 shares of the real estate investment trust’s stock after purchasing an additional 5,826 shares during the period. Allstate Corp’s holdings in AvalonBay Communities were worth $1,575,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Empowered Funds LLC raised its position in AvalonBay Communities by 5.7% in the first quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock worth $584,000 after acquiring an additional 148 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of AvalonBay Communities by 16.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,271 shares of the real estate investment trust’s stock worth $1,675,000 after purchasing an additional 1,152 shares during the period. CX Institutional increased its holdings in shares of AvalonBay Communities by 6.3% in the 2nd quarter. CX Institutional now owns 973 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 58 shares in the last quarter. Golden State Equity Partners lifted its stake in shares of AvalonBay Communities by 11.7% in the second quarter. Golden State Equity Partners now owns 1,855 shares of the real estate investment trust’s stock valued at $377,000 after purchasing an additional 194 shares during the period. Finally, Fortitude Family Office LLC boosted its holdings in AvalonBay Communities by 2,648.6% during the second quarter. Fortitude Family Office LLC now owns 1,017 shares of the real estate investment trust’s stock worth $207,000 after buying an additional 980 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AVB shares. BNP Paribas lowered AvalonBay Communities from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Morgan Stanley lowered their target price on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Cantor Fitzgerald started coverage on AvalonBay Communities in a research report on Wednesday, October 1st. They issued a “neutral” rating and a $205.00 price target for the company. Scotiabank decreased their price objective on shares of AvalonBay Communities from $215.00 to $193.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. Finally, Piper Sandler lowered their price objective on shares of AvalonBay Communities from $200.00 to $190.00 and set a “neutral” rating on the stock in a research note on Monday, November 3rd. Six research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $203.50.

AvalonBay Communities Trading Down 2.3%

Shares of AVB opened at $178.26 on Wednesday. AvalonBay Communities, Inc. has a fifty-two week low of $166.73 and a fifty-two week high of $230.21. The company has a market capitalization of $25.24 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 3.10 and a beta of 0.75. The stock has a fifty day moving average of $180.03 and a two-hundred day moving average of $187.06. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 0.67.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Thursday, October 30th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.06). AvalonBay Communities had a return on equity of 9.72% and a net margin of 38.78%.The business had revenue of $766.80 million during the quarter, compared to analyst estimates of $766.22 million. During the same period in the previous year, the business posted $2.74 earnings per share. As a group, analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Wednesday, December 31st. AvalonBay Communities’s dividend payout ratio is presently 85.47%.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.