Sumitomo Mitsui Trust Group Inc. Lowers Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Sumitomo Mitsui Trust Group Inc. reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 896,072 shares of the real estate investment trust’s stock after selling 7,216 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in AvalonBay Communities were worth $201,840,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in AvalonBay Communities by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock valued at $429,145,000 after purchasing an additional 13,631 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after buying an additional 249,400 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of AvalonBay Communities by 0.5% during the first quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after acquiring an additional 8,809 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after acquiring an additional 126,055 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in AvalonBay Communities by 6.1% in the 1st quarter. Janus Henderson Group PLC now owns 521,815 shares of the real estate investment trust’s stock valued at $96,781,000 after acquiring an additional 29,953 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Trading Down 0.9 %

Shares of AvalonBay Communities stock opened at $230.19 on Wednesday. AvalonBay Communities, Inc. has a fifty-two week low of $164.76 and a fifty-two week high of $236.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.03 and a current ratio of 2.03. The company has a market capitalization of $32.74 billion, a P/E ratio of 31.49, a P/E/G ratio of 3.55 and a beta of 0.97. The company has a fifty day moving average of $226.05 and a 200 day moving average of $211.63.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same period last year, the company earned $2.66 EPS. On average, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities’s payout ratio is currently 93.02%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVB. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. BNP Paribas initiated coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Royal Bank of Canada cut their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Scotiabank raised their price target on AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Monday, September 16th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $227.06.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.