First Republic Investment Management Inc. Acquires 54,794 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

First Republic Investment Management Inc. raised its holdings in AvalonBay Communities, Inc. (NYSE:AVBGet Rating) by 24.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 276,597 shares of the real estate investment trust’s stock after buying an additional 54,794 shares during the period. First Republic Investment Management Inc. owned about 0.20% of AvalonBay Communities worth $68,698,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of AvalonBay Communities in the fourth quarter valued at $1,499,421,000. BlackRock Inc. boosted its holdings in shares of AvalonBay Communities by 6.3% during the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock worth $3,843,305,000 after buying an additional 898,161 shares during the period. Blackstone Inc. grew its stake in AvalonBay Communities by 119.1% in the 1st quarter. Blackstone Inc. now owns 1,434,795 shares of the real estate investment trust’s stock valued at $356,360,000 after buying an additional 779,818 shares during the last quarter. Wellington Management Group LLP raised its holdings in AvalonBay Communities by 57.1% in the 1st quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock valued at $531,516,000 after acquiring an additional 777,631 shares during the period. Finally, State Street Corp raised its holdings in AvalonBay Communities by 7.6% in the 4th quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock valued at $2,379,927,000 after acquiring an additional 658,377 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $214.22 on Tuesday. The company’s 50 day moving average price is $204.19 and its two-hundred day moving average price is $217.13. The firm has a market capitalization of $29.95 billion, a P/E ratio of 36.81, a P/E/G ratio of 3.56 and a beta of 0.94. AvalonBay Communities, Inc. has a fifty-two week low of $183.35 and a fifty-two week high of $259.05. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78.

AvalonBay Communities (NYSE:AVBGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.07. AvalonBay Communities had a return on equity of 7.47% and a net margin of 33.39%. The company had revenue of $644.56 million for the quarter, compared to the consensus estimate of $632.41 million. During the same quarter last year, the business posted $1.98 EPS. AvalonBay Communities’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, equities analysts forecast that AvalonBay Communities, Inc. will post 9.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AVB shares. The Goldman Sachs Group lifted their price target on AvalonBay Communities from $225.00 to $248.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. KeyCorp decreased their price target on shares of AvalonBay Communities from $275.00 to $237.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 28th. Citigroup lifted their price objective on shares of AvalonBay Communities to $220.00 in a research note on Tuesday, August 9th. Evercore ISI set a $231.00 target price on shares of AvalonBay Communities in a research report on Monday, June 20th. Finally, Mizuho dropped their price target on shares of AvalonBay Communities from $260.00 to $212.00 and set a “buy” rating for the company in a research report on Monday, June 27th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.60.

About AvalonBay Communities

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As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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