California State Teachers Retirement System cut its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 231,283 shares of the real estate investment trust’s stock after selling 2,551 shares during the quarter. California State Teachers Retirement System’s holdings in AvalonBay Communities were worth $42,600,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in AvalonBay Communities by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,862,268 shares of the real estate investment trust’s stock worth $4,211,002,000 after purchasing an additional 88,659 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in AvalonBay Communities by 3.5% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 5,658,277 shares of the real estate investment trust’s stock worth $1,042,200,000 after purchasing an additional 192,378 shares in the last quarter. Wellington Management Group LLP lifted 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 worth $531,516,000 after purchasing an additional 777,631 shares in the last quarter. Legal & General Group Plc lifted its holdings in AvalonBay Communities by 6.4% in the 2nd quarter. Legal & General Group Plc now owns 2,128,094 shares of the real estate investment trust’s stock worth $413,382,000 after purchasing an additional 128,518 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in AvalonBay Communities by 7.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,488,955 shares of the real estate investment trust’s stock worth $289,230,000 after purchasing an additional 98,283 shares in the last quarter. 87.30% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts recently commented on the company. The Goldman Sachs Group cut AvalonBay Communities from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $197.00 to $187.00 in a report on Thursday, December 8th. JPMorgan Chase & Co. cut AvalonBay Communities from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $206.00 to $197.00 in a report on Friday, December 16th. Morgan Stanley upped their price objective on AvalonBay Communities from $187.00 to $190.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 1st. StockNews.com began coverage on AvalonBay Communities in a report on Thursday. They set a “hold” rating on the stock. Finally, Truist Financial raised AvalonBay Communities from a “hold” rating to a “buy” rating and upped their price objective for the stock from $186.00 to $190.00 in a report on Tuesday, January 17th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and an average target price of $202.78.
AvalonBay Communities Stock Performance
AvalonBay Communities Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be issued a dividend of $1.65 per share. This represents a $6.60 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, March 30th. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.59. AvalonBay Communities’s dividend payout ratio is presently 78.42%.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities.
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