Corebridge Financial Inc. Sells 589 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Corebridge Financial Inc. lessened its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 1.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,674 shares of the real estate investment trust’s stock after selling 589 shares during the period. Corebridge Financial Inc.’s holdings in AvalonBay Communities were worth $7,627,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC bought a new stake in shares of AvalonBay Communities during the 3rd quarter valued at about $26,000. Whipplewood Advisors LLC purchased a new stake in AvalonBay Communities in the fourth quarter valued at approximately $36,000. Brooklyn Investment Group bought a new stake in AvalonBay Communities during the third quarter valued at approximately $39,000. Crowley Wealth Management Inc. purchased a new position in AvalonBay Communities in the 4th quarter worth approximately $44,000. Finally, Generali Asset Management SPA SGR bought a new position in shares of AvalonBay Communities in the 4th quarter worth $66,000. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $213.18 on Friday. The company’s fifty day simple moving average is $217.60 and its two-hundred day simple moving average is $222.58. AvalonBay Communities, Inc. has a 12-month low of $177.40 and a 12-month high of $239.29. The firm has a market cap of $30.33 billion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 3.11 and a beta of 1.00. 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 (NYSE:AVB) last announced its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.75 dividend. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.00 dividend on an annualized basis and a yield of 3.28%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 92.23%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVB. Piper Sandler cut their target price on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating for the company in a research report on Tuesday, February 11th. Royal Bank of Canada upped their price objective on AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $239.00 to $242.00 in a report on Monday, January 6th. Zelman & Associates raised AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Finally, Morgan Stanley cut shares of AvalonBay Communities from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $236.00 to $223.00 in a research report on Friday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Moderate Buy” and an average price target of $238.64.

About AvalonBay Communities

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.