Envestnet Asset Management Inc. Has $62.08 Million Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Envestnet Asset Management Inc. boosted its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,039 shares of the real estate investment trust’s stock after buying an additional 7,939 shares during the period. Envestnet Asset Management Inc.’s holdings in AvalonBay Communities were worth $62,075,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVB. Principal Financial Group Inc. boosted its position in shares of AvalonBay Communities by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock valued at $883,098,000 after acquiring an additional 109,585 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after purchasing an additional 249,400 shares in the last quarter. Clearbridge Investments LLC grew its stake in shares of AvalonBay Communities by 0.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after purchasing an additional 8,809 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after buying an additional 126,055 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of AvalonBay Communities by 70.8% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 835,133 shares of the real estate investment trust’s stock worth $156,354,000 after buying an additional 346,214 shares during the period. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB opened at $230.41 on Thursday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 1-year low of $160.45 and a 1-year high of $236.26. The stock has a market capitalization of $32.76 billion, a P/E ratio of 34.29, a P/E/G ratio of 3.41 and a beta of 0.97. The business has a 50-day moving average price of $215.90 and a two-hundred day moving average price of $200.54.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The business had revenue of $726.04 million for the quarter, compared to the consensus estimate of $718.49 million. During the same period last year, the firm earned $2.66 earnings per share. Equities analysts predict that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current year.

Analyst Ratings Changes

AVB has been the subject of several recent analyst reports. Evercore ISI increased their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday. Wells Fargo & Company upped their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Mizuho raised their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Finally, Piper Sandler boosted their target price on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $223.12.

Insider Buying and Selling at AvalonBay Communities

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares of the company’s stock, valued at $908,026.11. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

AvalonBay Communities 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.