Zurcher Kantonalbank Zurich Cantonalbank Has $20.90 Million Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,786 shares of the real estate investment trust’s stock after purchasing an additional 3,138 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.07% of AvalonBay Communities worth $20,900,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its position in shares of AvalonBay Communities by 487.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock worth $74,372,000 after buying an additional 298,322 shares during the last quarter. International Assets Investment Management LLC acquired a new position in AvalonBay Communities during the third quarter worth about $581,960,000. SG Americas Securities LLC lifted its holdings in shares of AvalonBay Communities by 958.9% in the third quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock worth $38,882,000 after acquiring an additional 156,316 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of AvalonBay Communities in the 3rd quarter valued at approximately $29,256,000. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of AvalonBay Communities during the 2nd quarter valued at approximately $26,755,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analyst Ratings Changes

AVB has been the subject of several research reports. Evercore ISI increased their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Piper Sandler raised their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Royal Bank of Canada lowered their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Scotiabank cut their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $226.88.

AvalonBay Communities Price Performance

AVB stock opened at $235.21 on Friday. 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 firm has a market cap of $33.46 billion, a price-to-earnings ratio of 32.18, a PEG ratio of 3.47 and a beta of 0.97. The company’s fifty day simple moving average is $226.85 and its 200 day simple moving average is $215.13. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $239.29.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same period in the prior year, the firm earned $2.66 earnings per share. On average, analysts expect that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is 93.02%.

Insider Activity

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares in the company, valued at approximately $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by company insiders.

AvalonBay Communities Profile

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.