Teachers Retirement System of The State of Kentucky Makes New Investment in AvalonBay Communities, Inc. (NYSE:AVB)

Teachers Retirement System of The State of Kentucky acquired a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) in the third quarter, HoldingsChannel reports. The firm acquired 42,623 shares of the real estate investment trust’s stock, valued at approximately $7,850,000.

Several other hedge funds have also made changes to their positions in AVB. Vanguard Group Inc. grew its holdings in AvalonBay Communities by 0.4% during the third quarter. Vanguard Group Inc. now owns 22,862,268 shares of the real estate investment trust’s stock worth $4,211,002,000 after acquiring an additional 88,659 shares during the period. Price T Rowe Associates Inc. MD increased its stake in AvalonBay Communities by 3.5% during the third 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 acquiring an additional 192,378 shares during the last quarter. Wellington Management Group LLP increased its stake in AvalonBay Communities by 57.1% during the first quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock worth $531,516,000 after acquiring an additional 777,631 shares during the last quarter. Legal & General Group Plc grew its stake in shares of AvalonBay Communities by 6.4% in the second quarter. Legal & General Group Plc now owns 2,128,094 shares of the real estate investment trust’s stock valued at $413,382,000 after buying an additional 128,518 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in AvalonBay Communities by 7.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,488,955 shares of the real estate investment trust’s stock valued at $289,230,000 after purchasing an additional 98,283 shares during the period. 87.30% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AVB opened at $161.51 on Friday. The company has a market capitalization of $22.60 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.13 and a beta of 0.90. AvalonBay Communities, Inc. has a one year low of $157.69 and a one year high of $259.05. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.04 and a quick ratio of 2.04. The company’s fifty day moving average price is $173.50 and its 200 day moving average price is $175.72.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be issued a dividend of $1.65 per share. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.59. The ex-dividend date is Thursday, March 30th. This represents a $6.60 annualized dividend and a dividend yield of 4.09%. AvalonBay Communities’s payout ratio is presently 78.42%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays boosted their target price on AvalonBay Communities from $175.00 to $186.00 and gave the company an “equal weight” rating in a report on Wednesday, March 1st. StockNews.com assumed coverage on AvalonBay Communities in a research note on Thursday. They issued a “hold” rating on the stock. KeyCorp dropped their price objective on AvalonBay Communities from $237.00 to $193.00 and set an “overweight” rating for the company in a report on Wednesday, December 7th. Truist Financial upgraded AvalonBay Communities from a “hold” rating to a “buy” rating and increased their price target for the company from $186.00 to $190.00 in a report on Tuesday, January 17th. Finally, Mizuho raised their target price on AvalonBay Communities from $179.00 to $188.00 and gave the company a “neutral” rating in a research note on Thursday, February 23rd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and an average price target of $202.78.

AvalonBay Communities Profile

(Get Rating)

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.