Penserra Capital Management LLC Lowers Position in AvalonBay Communities, Inc. (NYSE:AVB)

Penserra Capital Management LLC decreased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 1.9% during the third quarter, Holdings Channel reports. The fund owned 3,792 shares of the real estate investment trust’s stock after selling 73 shares during the period. Penserra Capital Management LLC’s holdings in AvalonBay Communities were worth $853,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Segment Wealth Management LLC grew its stake in AvalonBay Communities by 4.6% in the third quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust’s stock worth $231,000 after purchasing an additional 45 shares during the period. SYSTM Wealth Solutions LLC grew its position in shares of AvalonBay Communities by 2.7% in the 2nd quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 49 shares during the period. Patrick M Sweeney & Associates Inc. grew its position in shares of AvalonBay Communities by 4.1% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 50 shares during the period. Tectonic Advisors LLC increased its stake in shares of AvalonBay Communities by 2.7% in the 3rd quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust’s stock worth $436,000 after acquiring an additional 50 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in AvalonBay Communities by 4.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust’s stock valued at $280,000 after acquiring an additional 55 shares during the period. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of AVB opened at $237.74 on Thursday. The firm has a market capitalization of $33.82 billion, a P/E ratio of 32.52, a PEG ratio of 3.40 and a beta of 0.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. AvalonBay Communities, Inc. has a one year low of $169.37 and a one year high of $239.29. The business has a fifty day moving average of $226.60 and a 200 day moving average of $214.71.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The firm had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the prior year, the firm earned $2.66 earnings per share. As a group, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 2.86%. AvalonBay Communities’s payout ratio is presently 93.02%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Evercore ISI raised their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Truist Financial raised their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Royal Bank of Canada cut their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler lifted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $226.88.

Insider Transactions at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 2,261 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $233.78, for a total value of $528,576.58. Following the transaction, the director now directly owns 111,436 shares of the company’s stock, valued at approximately $26,051,508.08. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.48% 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.