CIBC Bancorp USA Inc. Purchases New Position in AvalonBay Communities, Inc. $AVB

CIBC Bancorp USA Inc. purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,244 shares of the real estate investment trust’s stock, valued at approximately $11,058,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new stake in shares of AvalonBay Communities during the 3rd quarter worth approximately $30,000. BOKF NA acquired a new position in shares of AvalonBay Communities in the 3rd quarter valued at $31,000. AlphaQuest LLC purchased a new position in shares of AvalonBay Communities in the 3rd quarter valued at $33,000. Headlands Technologies LLC acquired a new stake in AvalonBay Communities during the 2nd quarter worth $36,000. Finally, Fulcrum Asset Management LLP acquired a new stake in AvalonBay Communities during the 3rd quarter worth $37,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

NYSE:AVB opened at $165.25 on Friday. The firm’s fifty day moving average price is $176.12 and its 200 day moving average price is $181.47. AvalonBay Communities, Inc. has a 1-year low of $165.17 and a 1-year high of $217.32. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $23.15 billion, a price-to-earnings ratio of 20.18, a price-to-earnings-growth ratio of 2.91 and a beta of 0.75.

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 the consensus estimate of $2.84 by $0.01. The company had revenue of $767.86 million during the quarter, compared to analysts’ expectations of $766.38 million. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. During the same quarter last year, the business earned $2.80 EPS. On average, sell-side analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $1.78 dividend. The ex-dividend date is Tuesday, March 31st. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.75. This represents a $7.12 dividend on an annualized basis and a yield of 4.3%. AvalonBay Communities’s payout ratio is 85.47%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Scotiabank decreased their price objective on shares of AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 4th. Citigroup cut their target price on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Mizuho reduced their target price on AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a report on Monday, November 24th. Truist Financial decreased their target price on AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Royal Bank Of Canada dropped their price target on AvalonBay Communities from $191.00 to $187.00 and set a “sector perform” rating on the stock in a research note on Friday, February 6th. Five research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $198.75.

AvalonBay Communities 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.