Intact Investment Management Inc. Sells 16,500 Shares of AvalonBay Communities, Inc. $AVB

Intact Investment Management Inc. lowered its position in AvalonBay Communities, Inc. (NYSE:AVB) by 53.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,100 shares of the real estate investment trust’s stock after selling 16,500 shares during the period. Intact Investment Management Inc.’s holdings in AvalonBay Communities were worth $2,724,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of AvalonBay Communities by 0.6% during the second quarter. Vanguard Group Inc. now owns 22,800,375 shares of the real estate investment trust’s stock worth $4,639,876,000 after purchasing an additional 127,693 shares during the period. State Street Corp grew its position in AvalonBay Communities by 2.0% in the 2nd quarter. State Street Corp now owns 9,445,499 shares of the real estate investment trust’s stock valued at $1,938,326,000 after purchasing an additional 182,952 shares during the period. Norges Bank bought a new stake in AvalonBay Communities during the 2nd quarter valued at $1,394,225,000. JPMorgan Chase & Co. raised its holdings in AvalonBay Communities by 4.0% during the second quarter. JPMorgan Chase & Co. now owns 3,966,650 shares of the real estate investment trust’s stock worth $807,220,000 after buying an additional 152,220 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AvalonBay Communities by 1.5% in the second quarter. Geode Capital Management LLC now owns 3,875,614 shares of the real estate investment trust’s stock valued at $785,551,000 after buying an additional 57,599 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AVB shares. Truist Financial decreased their target price on shares of AvalonBay Communities from $205.00 to $203.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. Royal Bank Of Canada decreased their price objective on AvalonBay Communities from $202.00 to $197.00 and set a “sector perform” rating for the company in a report on Tuesday, November 4th. Colliers Securities reissued a “neutral” rating and issued a $195.00 price objective (down from $200.00) on shares of AvalonBay Communities in a research note on Thursday, December 4th. Wells Fargo & Company dropped their target price on AvalonBay Communities from $213.00 to $193.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Finally, BNP Paribas Exane cut AvalonBay Communities from an “outperform” rating to a “neutral” rating in a research report on Monday, September 29th. Six research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, AvalonBay Communities has a consensus rating of “Hold” and an average target price of $203.50.

AvalonBay Communities Price Performance

AVB opened at $177.80 on Tuesday. AvalonBay Communities, Inc. has a fifty-two week low of $166.73 and a fifty-two week high of $230.21. The firm has a 50-day moving average of $180.05 and a 200 day moving average of $186.38. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market cap of $25.18 billion, a P/E ratio of 21.71, a PEG ratio of 3.06 and a beta of 0.75.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Thursday, October 30th. The real estate investment trust reported $2.75 earnings per share for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.06). AvalonBay Communities had a net margin of 38.78% and a return on equity of 9.72%. The company had revenue of $766.80 million during the quarter, compared to analysts’ expectations of $766.22 million. During the same quarter in the previous year, the firm earned $2.74 earnings per share. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Wednesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is currently 85.47%.

AvalonBay Communities Company Profile

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.