Independent Advisor Alliance purchased a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,723 shares of the real estate investment trust’s stock, valued at approximately $428,000.
A number of other hedge funds have also added to or reduced their stakes in AVB. Norges Bank acquired a new position in AvalonBay Communities during the 4th quarter valued at about $1,499,421,000. BlackRock Inc. lifted its position in shares of AvalonBay Communities by 6.3% during the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock worth $3,843,305,000 after buying an additional 898,161 shares in the last quarter. State Street Corp lifted its position in shares of AvalonBay Communities by 7.6% during the 4th quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock worth $2,379,927,000 after buying an additional 658,377 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of AvalonBay Communities by 36.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,778,699 shares of the real estate investment trust’s stock worth $449,282,000 after buying an additional 474,391 shares in the last quarter. Finally, Centersquare Investment Management LLC lifted its position in shares of AvalonBay Communities by 13.0% during the 4th quarter. Centersquare Investment Management LLC now owns 1,665,896 shares of the real estate investment trust’s stock worth $420,789,000 after buying an additional 191,159 shares in the last quarter. Institutional investors and hedge funds own 90.98% of the company’s stock.
Wall Street Analysts Forecast Growth
AVB has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of AvalonBay Communities from $214.00 to $174.00 and set a “hold” rating on the stock in a research report on Thursday, June 30th. Credit Suisse Group initiated coverage on shares of AvalonBay Communities in a research report on Wednesday, June 22nd. They set a “neutral” rating and a $208.00 target price on the stock. Morgan Stanley dropped their target price on shares of AvalonBay Communities from $225.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, July 15th. UBS Group lifted their price target on shares of AvalonBay Communities from $209.00 to $224.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Finally, Evercore ISI set a $231.00 price target on shares of AvalonBay Communities in a report on Monday, June 20th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and a consensus price target of $239.63.
AvalonBay Communities Trading Up 0.5 %
AvalonBay Communities (NYSE:AVB – Get Rating) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. The business had revenue of $644.56 million for the quarter, compared to analysts’ expectations of $632.41 million. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.98 EPS. As a group, analysts anticipate that AvalonBay Communities, Inc. will post 9.73 earnings per share for the current year.
AvalonBay Communities Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a dividend of $1.59 per share. The ex-dividend date was Wednesday, June 29th. This represents a $6.36 dividend on an annualized basis and a dividend yield of 3.10%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 109.28%.
AvalonBay Communities Profile
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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