Everence Capital Management Inc. Trims Position in AvalonBay Communities, Inc. (NYSE:AVB)

Everence Capital Management Inc. trimmed its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 27.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,720 shares of the real estate investment trust’s stock after selling 1,030 shares during the period. Everence Capital Management Inc.’s holdings in AvalonBay Communities were worth $598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in AVB. RPg Family Wealth Advisory LLC bought a new position in AvalonBay Communities in the third quarter worth approximately $26,000. Brooklyn Investment Group purchased a new stake in shares of AvalonBay Communities in the 3rd quarter worth $39,000. Mather Group LLC. grew its position in shares of AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 56 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of AvalonBay Communities during the 3rd quarter worth $51,000. Finally, Global X Japan Co. Ltd. purchased a new position in shares of AvalonBay Communities during the second quarter valued at $70,000. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $219.17 on Friday. The company has a 50 day moving average price of $226.61 and a 200 day moving average price of $219.83. The firm has a market capitalization of $31.17 billion, a P/E ratio of 29.98, a PEG ratio of 3.30 and a beta of 0.98. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. AvalonBay Communities, Inc. has a 52 week low of $169.37 and a 52 week high of $239.29.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results 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). The company had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period in the prior year, the business posted $2.66 EPS. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 3.10%. AvalonBay Communities’s payout ratio is presently 93.02%.

Insider Activity

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities 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 completion of the sale, the director now directly owns 87,239 shares in the company, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on AVB shares. Barclays began coverage on shares of AvalonBay Communities in a report on Tuesday, December 17th. They set an “equal weight” rating and a $243.00 target price on the stock. BNP Paribas assumed coverage on shares of AvalonBay Communities in a research note on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and increased their target price for the company from $247.00 to $262.00 in a research report on Tuesday, December 17th. Finally, Evercore ISI boosted their price target on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $231.33.

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.