AvalonBay Communities, Inc. (NYSE:AVB) Shares Purchased by Eminence Capital LP

Eminence Capital LP lifted its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 7.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 141,073 shares of the real estate investment trust’s stock after acquiring an additional 9,681 shares during the quarter. Eminence Capital LP owned 0.10% of AvalonBay Communities worth $29,187,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in shares of AvalonBay Communities by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock worth $883,098,000 after acquiring an additional 109,585 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of AvalonBay Communities by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock worth $429,145,000 after acquiring an additional 13,631 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of AvalonBay Communities by 14.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after acquiring an additional 249,400 shares during the last quarter. Clearbridge Investments LLC lifted its holdings 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 worth $342,824,000 after acquiring an additional 8,809 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted 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 acquiring an additional 126,055 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Down 0.2 %

Shares of NYSE:AVB opened at $229.65 on Thursday. The stock has a market cap of $32.66 billion, a P/E ratio of 34.17, a P/E/G ratio of 3.55 and a beta of 0.97. The firm has a fifty day moving average price of $218.11 and a 200 day moving average price of $201.94. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. AvalonBay Communities, Inc. has a 1-year low of $160.45 and a 1-year high of $236.26.

AvalonBay Communities (NYSE:AVB) last issued 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). The business had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter in the prior year, the company earned $2.66 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Monday, September 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVB shares. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Scotiabank upped their target price on shares of AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a research note on Monday, September 16th. Wells Fargo & Company upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Thirteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $223.12.

Insider Transactions at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

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.