AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by Red Spruce Capital LLC

Red Spruce Capital LLC decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 1.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 7,401 shares of the real estate investment trust’s stock after selling 126 shares during the period. Red Spruce Capital LLC’s holdings in AvalonBay Communities were worth $1,667,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of AVB. Handelsbanken Fonder AB grew its position in AvalonBay Communities by 2.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 84,068 shares of the real estate investment trust’s stock worth $18,936,000 after purchasing an additional 2,074 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of AvalonBay Communities by 958.9% during the third quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after buying an additional 156,316 shares during the last quarter. Czech National Bank increased its position in shares of AvalonBay Communities by 6.9% in the 3rd quarter. Czech National Bank now owns 28,932 shares of the real estate investment trust’s stock valued at $6,517,000 after acquiring an additional 1,874 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of AvalonBay Communities in the 2nd quarter valued at $3,701,000. Finally, Delphi Management Inc. MA raised its stake in AvalonBay Communities by 7.3% in the 2nd quarter. Delphi Management Inc. MA now owns 8,903 shares of the real estate investment trust’s stock worth $1,842,000 after acquiring an additional 605 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on AVB shares. Deutsche Bank Aktiengesellschaft boosted their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Truist Financial increased their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Scotiabank raised their price target on shares of AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Finally, Piper Sandler raised their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, AvalonBay Communities currently has an average rating of “Hold” and a consensus target price of $225.88.

Insider Activity

In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’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 value of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

AvalonBay Communities Price Performance

AVB traded up $0.32 on Friday, reaching $221.02. 367,107 shares of the company’s stock were exchanged, compared to its average volume of 737,930. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $236.26. The stock has a market cap of $31.43 billion, a PE ratio of 32.89, a P/E/G ratio of 3.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. The stock’s fifty day moving average price is $220.85 and its 200-day moving average price is $204.08.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The company had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. During the same quarter last year, the company earned $2.66 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.70 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.08%. AvalonBay Communities’s payout ratio is 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.