Eventide Asset Management LLC Boosts Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Eventide Asset Management LLC raised its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 27.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 152,408 shares of the real estate investment trust’s stock after purchasing an additional 33,230 shares during the quarter. Eventide Asset Management LLC owned 0.11% of AvalonBay Communities worth $34,330,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in AVB. Virtu Financial LLC boosted its stake in shares of AvalonBay Communities by 78.6% in the first quarter. Virtu Financial LLC now owns 3,845 shares of the real estate investment trust’s stock worth $713,000 after buying an additional 1,692 shares during the last quarter. Swedbank AB acquired a new position in shares of AvalonBay Communities during the first quarter valued at approximately $4,532,000. Atria Investments Inc increased its holdings in shares of AvalonBay Communities by 5.1% in the first quarter. Atria Investments Inc now owns 10,044 shares of the real estate investment trust’s stock valued at $1,864,000 after purchasing an additional 490 shares during the last quarter. PGGM Investments increased its holdings in shares of AvalonBay Communities by 18.0% in the first quarter. PGGM Investments now owns 4,555 shares of the real estate investment trust’s stock valued at $845,000 after purchasing an additional 694 shares during the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of AvalonBay Communities by 153.3% in the first quarter. Cetera Investment Advisers now owns 17,564 shares of the real estate investment trust’s stock valued at $3,259,000 after purchasing an additional 10,629 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Trading Up 1.0 %

Shares of AvalonBay Communities stock opened at $237.81 on Friday. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company’s 50-day simple moving average is $226.74 and its 200-day simple moving average is $214.87. The firm has a market cap of $33.83 billion, a price-to-earnings ratio of 32.53, a price-to-earnings-growth ratio of 3.47 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The company had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the previous year, the company posted $2.66 earnings per share. As a group, equities research analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Analyst Ratings Changes

Several research analysts have weighed in on AVB shares. Truist Financial increased their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Royal Bank of Canada lowered their price objective on 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. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Evercore ISI lifted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $226.88.

Insider Activity at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the transaction, the director now owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

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.