Lazard Asset Management LLC Sells 2,026 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Lazard Asset Management LLC decreased its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 37.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,326 shares of the real estate investment trust’s stock after selling 2,026 shares during the period. Lazard Asset Management LLC’s holdings in AvalonBay Communities were worth $731,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AVB. JPMorgan Chase & Co. grew its stake in shares of AvalonBay Communities by 1.4% during the third quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock worth $914,627,000 after purchasing an additional 55,588 shares during the period. Merit Financial Group LLC acquired a new position in AvalonBay Communities in the fourth quarter valued at about $476,000. HB Wealth Management LLC boosted its holdings in AvalonBay Communities by 18.2% during the fourth quarter. HB Wealth Management LLC now owns 1,426 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 220 shares during the last quarter. Aaron Wealth Advisors LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $240,000. Finally, UMB Bank n.a. increased its stake in shares of AvalonBay Communities by 4.4% in the 4th quarter. UMB Bank n.a. now owns 2,723 shares of the real estate investment trust’s stock valued at $599,000 after acquiring an additional 114 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

AVB stock opened at $208.51 on Wednesday. The company’s 50-day moving average price is $205.73 and its two-hundred day moving average price is $216.57. The firm has a market cap of $29.69 billion, a P/E ratio of 27.47, a P/E/G ratio of 3.11 and a beta of 0.86. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.68. AvalonBay Communities, Inc. has a 12 month low of $180.40 and a 12 month high of $239.29.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.03. The business had revenue of $693.43 million for the quarter, compared to analyst estimates of $744.61 million. AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. During the same quarter last year, the business posted $2.70 EPS. On average, analysts anticipate that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVB. Truist Financial upped their target price on shares of AvalonBay Communities from $229.00 to $230.00 and gave the stock a “hold” rating in a research note on Monday, March 10th. Royal Bank of Canada decreased their price objective on AvalonBay Communities from $223.00 to $220.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Scotiabank raised their price objective on AvalonBay Communities from $241.00 to $251.00 and gave the company a “sector perform” rating in a report on Monday, May 12th. Zelman & Associates raised AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 13th. Finally, Barclays increased their price target on AvalonBay Communities from $227.00 to $240.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and a consensus price target of $239.93.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.