Citigroup Inc. Cuts Position in AvalonBay Communities, Inc. $AVB

Citigroup Inc. reduced its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 6.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,190 shares of the real estate investment trust’s stock after selling 13,027 shares during the quarter. Citigroup Inc. owned 0.13% of AvalonBay Communities worth $36,353,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AVB. Mather Group LLC. acquired a new position in shares of AvalonBay Communities during the 3rd quarter valued at $30,000. Clearstead Trust LLC raised its position in AvalonBay Communities by 62.0% in the second quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 62 shares during the period. AlphaQuest LLC purchased a new position in AvalonBay Communities in the third quarter valued at about $33,000. Headlands Technologies LLC acquired a new position in shares of AvalonBay Communities during the second quarter worth about $36,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of AvalonBay Communities in the second quarter worth about $59,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Stock Up 0.6%

NYSE:AVB opened at $177.47 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $25.13 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 3.10 and a beta of 0.76. AvalonBay Communities, Inc. has a one year low of $166.73 and a one year high of $230.21. The stock has a 50-day simple moving average of $178.81 and a 200 day simple moving average of $183.37.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.84 by $0.01. The company had revenue of $767.86 million for the quarter, compared to the consensus estimate of $766.38 million. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.During the same quarter last year, the business posted $2.80 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $1.78 per share. The ex-dividend date is Tuesday, March 31st. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.75. This represents a $7.12 annualized dividend and a yield of 4.0%. AvalonBay Communities’s payout ratio is presently 85.47%.

Analyst Ratings Changes

A number of research firms have weighed in on AVB. Barclays upped their price target on AvalonBay Communities from $216.00 to $217.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. UBS Group decreased their target price on shares of AvalonBay Communities from $192.00 to $191.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Truist Financial dropped their price target on shares of AvalonBay Communities from $205.00 to $203.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research report on Friday, January 9th. Finally, Cantor Fitzgerald raised their target price on AvalonBay Communities from $179.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Five investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $200.91.

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.