SteelPeak Wealth LLC Takes $1.80 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

SteelPeak Wealth LLC bought a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,616 shares of the real estate investment trust’s stock, valued at approximately $1,801,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in shares of AvalonBay Communities during the 4th quarter valued at approximately $1,271,756,000. Deutsche Bank AG grew its position in shares of AvalonBay Communities by 6.5% during the 3rd quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock valued at $428,778,000 after acquiring an additional 151,995 shares during the period. Wellington Management Group LLP grew its position in shares of AvalonBay Communities by 17.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock valued at $394,690,000 after acquiring an additional 341,332 shares during the period. Clearbridge Investments LLC grew its position in shares of AvalonBay Communities by 1.4% during the 4th quarter. Clearbridge Investments LLC now owns 1,838,702 shares of the real estate investment trust’s stock valued at $344,242,000 after acquiring an additional 25,625 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of AvalonBay Communities by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,513,327 shares of the real estate investment trust’s stock valued at $283,325,000 after acquiring an additional 39,348 shares during the period. 92.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on AVB shares. UBS Group upped their price target on shares of AvalonBay Communities from $199.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Wells Fargo & Company upped their price target on shares of AvalonBay Communities from $210.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday. Morgan Stanley upped their price target on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. Mizuho increased their target price on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Finally, Royal Bank of Canada increased their target price on shares of AvalonBay Communities from $191.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Monday, April 29th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $206.89.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $206.89 on Monday. The firm’s fifty day moving average price is $196.75 and its 200-day moving average price is $186.91. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $29.42 billion, a P/E ratio of 30.79, a price-to-earnings-growth ratio of 3.02 and a beta of 0.96. AvalonBay Communities, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $208.45.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $2.64 by ($1.42). The business had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same period in the prior year, the business posted $2.57 EPS. On average, equities research analysts expect that AvalonBay Communities, Inc. will post 10.92 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, June 28th. AvalonBay Communities’s payout ratio is presently 101.19%.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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.