Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 15.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,555 shares of the real estate investment trust’s stock after purchasing an additional 3,790 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in AvalonBay Communities were worth $4,904,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in AVB. Cetera Advisor Networks LLC grew its stake in AvalonBay Communities by 8.2% in the first quarter. Cetera Advisor Networks LLC now owns 1,485 shares of the real estate investment trust’s stock valued at $369,000 after acquiring an additional 113 shares during the period. Private Advisor Group LLC grew its stake in AvalonBay Communities by 18.0% in the first quarter. Private Advisor Group LLC now owns 2,007 shares of the real estate investment trust’s stock valued at $499,000 after acquiring an additional 306 shares during the period. Prudential PLC acquired a new stake in AvalonBay Communities in the first quarter valued at approximately $704,000. Cetera Investment Advisers grew its stake in AvalonBay Communities by 54.4% in the first quarter. Cetera Investment Advisers now owns 5,260 shares of the real estate investment trust’s stock valued at $1,306,000 after acquiring an additional 1,853 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of AvalonBay Communities by 7.8% during the first quarter. Candriam Luxembourg S.C.A. now owns 12,461 shares of the real estate investment trust’s stock valued at $3,095,000 after buying an additional 901 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.
AvalonBay Communities Stock Performance
NYSE:AVB opened at $174.63 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.84 and a current ratio of 1.84. AvalonBay Communities, Inc. has a 52-week low of $153.07 and a 52-week high of $198.65. The firm has a market cap of $24.80 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 3.24 and a beta of 0.93. The business’s fifty day moving average is $181.20 and its 200 day moving average is $177.94.
AvalonBay Communities Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.89%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend is Wednesday, March 27th. AvalonBay Communities’s payout ratio is presently 100.76%.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the company. TheStreet cut AvalonBay Communities from a “b” rating to a “c+” rating in a research report on Wednesday, October 25th. Evercore ISI lifted their target price on AvalonBay Communities from $183.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 30th. KeyCorp reaffirmed a “sector weight” rating on shares of AvalonBay Communities in a research report on Friday, January 5th. Wolfe Research cut AvalonBay Communities from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on AvalonBay Communities in a research report on Tuesday, January 30th. They issued a “buy” rating and a $206.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $196.06.
AvalonBay Communities Company Profile
As of September 30, 2023, the Company owned or held a direct or indirect ownership interest in 296 apartment communities containing 89,240 apartment homes in 12 states and the District of Columbia, of which 17 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.
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