Texas Permanent School Fund Corp reduced its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 1.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,344 shares of the real estate investment trust’s stock after selling 432 shares during the quarter. Texas Permanent School Fund Corp’s holdings in AvalonBay Communities were worth $5,040,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of AVB. Pinnacle Bancorp Inc. purchased a new position in shares of AvalonBay Communities during the third quarter valued at approximately $26,000. Quarry LP boosted its position in AvalonBay Communities by 255.6% in the second quarter. Quarry LP now owns 192 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 138 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in AvalonBay Communities by 42.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 222 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 66 shares during the last quarter. Ronald Blue Trust Inc. boosted its position in AvalonBay Communities by 316.7% in the third quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 171 shares during the last quarter. Finally, Castleview Partners LLC boosted its position in AvalonBay Communities by 1,542.9% in the third quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 216 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.
AvalonBay Communities Price Performance
Shares of NYSE AVB opened at $174.29 on Tuesday. The firm has a market capitalization of $24.75 billion, a P/E ratio of 26.61, a P/E/G ratio of 3.24 and a beta of 0.93. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. The stock’s 50-day simple moving average is $181.13 and its two-hundred day simple moving average is $177.86. AvalonBay Communities, Inc. has a twelve month low of $153.07 and a twelve month high of $198.65.
AvalonBay Communities Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a $1.70 dividend. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend is Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio is presently 100.76%.
Wall Street Analyst Weigh In
Several research firms have weighed in on AVB. Deutsche Bank Aktiengesellschaft began 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. JPMorgan Chase & Co. raised AvalonBay Communities from an “underweight” rating to a “neutral” rating and dropped their price target for the company from $201.00 to $194.00 in a research report on Wednesday, November 29th. Truist Financial cut AvalonBay Communities from a “buy” rating to a “hold” rating and upped their price target for the company from $202.00 to $203.00 in a research report on Tuesday, January 16th. Evercore ISI upped their price target on AvalonBay Communities from $183.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 30th. Finally, Piper Sandler raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $197.00 to $194.00 in a research report on Tuesday, October 31st. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $196.06.
About AvalonBay Communities
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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