Elo Mutual Pension Insurance Co Purchases 968 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Elo Mutual Pension Insurance Co grew its position in AvalonBay Communities, Inc. (NYSE:AVB) by 7.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,909 shares of the real estate investment trust’s stock after acquiring an additional 968 shares during the period. Elo Mutual Pension Insurance Co’s holdings in AvalonBay Communities were worth $2,878,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. boosted its stake in AvalonBay Communities by 2.4% in the first quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock worth $883,098,000 after purchasing an additional 109,585 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in AvalonBay Communities by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock worth $429,145,000 after buying an additional 13,631 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in AvalonBay Communities by 14.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after acquiring an additional 249,400 shares during the last quarter. Clearbridge Investments LLC increased its position in AvalonBay Communities by 0.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after acquiring an additional 8,809 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of AvalonBay Communities by 11.9% in the second quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after acquiring an additional 126,055 shares during the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on AVB shares. Mizuho increased their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Truist Financial increased their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. UBS Group upped their price target on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Scotiabank raised their price target on AvalonBay Communities from $229.00 to $244.00 and gave the company a “sector perform” rating in a report on Monday. Finally, Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, AvalonBay Communities currently has an average rating of “Hold” and an average price target of $223.12.

Insider Transactions at AvalonBay Communities

In related news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

AvalonBay Communities Stock Up 0.1 %

NYSE:AVB opened at $230.55 on Friday. AvalonBay Communities, Inc. has a 1 year low of $160.45 and a 1 year high of $236.26. The stock has a 50-day moving average price of $216.45 and a two-hundred day moving average price of $200.75. The stock has a market cap of $32.78 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 3.41 and a beta of 0.97. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the prior year, the firm posted $2.66 earnings per share. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current year.

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.