SteelPeak Wealth LLC Makes New $1.80 Million Investment in AvalonBay Communities, Inc. (NYSE:AVB)

SteelPeak Wealth LLC acquired a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,616 shares of the real estate investment trust’s stock, valued at approximately $1,801,000.

Several other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in AvalonBay Communities during the 4th quarter worth $1,271,756,000. Deutsche Bank AG lifted its stake in shares of AvalonBay Communities by 6.5% in the 3rd quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock valued at $428,778,000 after purchasing an additional 151,995 shares during the period. Wellington Management Group LLP lifted its stake in shares of AvalonBay Communities by 17.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock valued at $394,690,000 after purchasing an additional 341,332 shares during the period. Clearbridge Investments LLC lifted its stake in shares of AvalonBay Communities by 1.4% in the 4th quarter. Clearbridge Investments LLC now owns 1,838,702 shares of the real estate investment trust’s stock valued at $344,242,000 after purchasing an additional 25,625 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of AvalonBay Communities by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,513,327 shares of the real estate investment trust’s stock valued at $283,325,000 after purchasing an additional 39,348 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Royal Bank of Canada increased their price target on AvalonBay Communities from $191.00 to $196.00 and gave the company a “sector perform” rating in a research note on Monday, April 29th. Truist Financial upped their price objective on shares of AvalonBay Communities from $207.00 to $213.00 and gave the company a “hold” rating in a research report on Monday, June 24th. Morgan Stanley upped their price objective on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Piper Sandler upped their price objective on shares of AvalonBay Communities from $207.00 to $230.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Finally, Argus upped their price objective on shares of AvalonBay Communities from $188.00 to $212.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Eleven investment 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.com, the stock presently has an average rating of “Hold” and an average price target of $206.89.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $206.89 on Monday. The stock has a market capitalization of $29.42 billion, a price-to-earnings ratio of 30.79, a PEG ratio of 3.02 and a beta of 0.96. The business has a 50-day moving average of $196.75 and a 200-day moving average of $186.91. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 1.07. AvalonBay Communities, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $208.45.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($1.42). AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. The firm had revenue of $712.86 million during the quarter, compared to analyst estimates of $706.61 million. During the same quarter last year, the business posted $2.57 earnings per share. As a group, sell-side analysts predict that AvalonBay Communities, Inc. will post 10.92 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $1.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $6.80 annualized dividend and a yield of 3.29%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 101.19%.

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.