AvalonBay Communities, Inc. (NYSE:AVB) is Duff & Phelps Investment Management Co.’s 5th Largest Position

Duff & Phelps Investment Management Co. cut its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 823,307 shares of the real estate investment trust’s stock after selling 36,540 shares during the period. AvalonBay Communities accounts for 2.2% of Duff & Phelps Investment Management Co.’s holdings, making the stock its 5th biggest holding. Duff & Phelps Investment Management Co. owned 0.58% of AvalonBay Communities worth $170,334,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Daiwa Securities Group Inc. grew its position in shares of AvalonBay Communities by 487.8% during the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after purchasing an additional 298,322 shares in the last quarter. Heitman Real Estate Securities LLC grew its holdings in AvalonBay Communities by 307.4% during the 4th quarter. Heitman Real Estate Securities LLC now owns 351,104 shares of the real estate investment trust’s stock valued at $65,734,000 after buying an additional 264,923 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in AvalonBay Communities by 14.4% in 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. SG Americas Securities LLC increased its stake in AvalonBay Communities by 4,563.7% in the 1st quarter. SG Americas Securities LLC now owns 212,803 shares of the real estate investment trust’s stock worth $39,488,000 after acquiring an additional 208,240 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of AvalonBay Communities during the 2nd quarter worth approximately $26,755,000. 92.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial raised their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Evercore ISI upped their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company lifted their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Finally, Piper Sandler boosted their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Thirteen 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.com, the company currently has an average rating of “Hold” and an average price target of $223.12.

AvalonBay Communities Stock Down 0.6 %

NYSE:AVB opened at $225.23 on Friday. The company has a market cap of $32.02 billion, a price-to-earnings ratio of 33.52, a price-to-earnings-growth ratio of 3.55 and a beta of 0.97. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $236.26. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $219.26 and a 200-day simple moving average of $202.72.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $2.66 EPS. Analysts anticipate that AvalonBay Communities, Inc. will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $1.70 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.02%. 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.