Mirae Asset Global Investments Co. Ltd. Decreases Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Mirae Asset Global Investments Co. Ltd. lowered its position in AvalonBay Communities, Inc. (NYSE:AVBGet Rating) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,523 shares of the real estate investment trust’s stock after selling 2,565 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in AvalonBay Communities were worth $11,804,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in AVB. Rise Advisors LLC purchased a new position in AvalonBay Communities in the fourth quarter worth approximately $30,000. Riverview Trust Co purchased a new position in AvalonBay Communities in the first quarter worth approximately $32,000. Anson Funds Management LP purchased a new position in AvalonBay Communities in the first quarter worth approximately $52,000. Brown Brothers Harriman & Co. purchased a new position in AvalonBay Communities in the first quarter worth approximately $69,000. Finally, Sandy Cove Advisors LLC purchased a new position in AvalonBay Communities in the first quarter worth approximately $70,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of AVB opened at $199.63 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.78 and a current ratio of 0.78. AvalonBay Communities, Inc. has a 1 year low of $183.35 and a 1 year high of $259.05. The stock has a market capitalization of $27.91 billion, a P/E ratio of 34.70, a P/E/G ratio of 3.35 and a beta of 0.94. The company’s fifty day moving average is $205.45 and its two-hundred day moving average is $215.93.

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

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a dividend of $1.59 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $6.36 dividend on an annualized basis and a dividend yield of 3.19%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 109.28%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Evercore ISI reduced their price objective on shares of AvalonBay Communities from $230.00 to $220.00 and set an “in-line” rating for the company in a research report on Monday. Mizuho boosted their price objective on shares of AvalonBay Communities from $212.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday. Barclays boosted their price objective on shares of AvalonBay Communities from $229.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 15th. Truist Financial boosted their price objective on shares of AvalonBay Communities to $228.00 in a research report on Tuesday, August 23rd. Finally, Credit Suisse Group assumed coverage on shares of AvalonBay Communities in a research report on Wednesday, June 22nd. They set a “neutral” rating and a $208.00 price objective for the company. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $241.75.

AvalonBay Communities Company Profile

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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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