Glenmede Trust Co. NA Sells 90 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Glenmede Trust Co. NA lessened its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,606 shares of the real estate investment trust’s stock after selling 90 shares during the period. Glenmede Trust Co. NA’s holdings in AvalonBay Communities were worth $587,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of AVB. Townsquare Capital LLC increased its position in AvalonBay Communities by 42.0% during the third quarter. Townsquare Capital LLC now owns 4,900 shares of the real estate investment trust’s stock worth $1,104,000 after buying an additional 1,450 shares during the last quarter. BNP Paribas Financial Markets increased its position in AvalonBay Communities by 54.8% during the third quarter. BNP Paribas Financial Markets now owns 259,531 shares of the real estate investment trust’s stock worth $58,459,000 after buying an additional 91,861 shares during the last quarter. Brooklyn Investment Group acquired a new position in AvalonBay Communities during the third quarter worth approximately $39,000. The Manufacturers Life Insurance Company increased its position in AvalonBay Communities by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 112,392 shares of the real estate investment trust’s stock worth $25,316,000 after buying an additional 2,702 shares during the last quarter. Finally, Capital Square LLC increased its position in AvalonBay Communities by 26.9% during the third quarter. Capital Square LLC now owns 3,067 shares of the real estate investment trust’s stock worth $691,000 after buying an additional 650 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AVB shares. JPMorgan Chase & Co. upped their target price on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Wells Fargo & Company increased their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Scotiabank reduced their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 14th. Finally, Truist Financial increased their price target on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $228.67.

Insider Activity at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by company insiders.

AvalonBay Communities Stock Down 1.0 %

Shares of AVB opened at $228.45 on Wednesday. AvalonBay Communities, Inc. has a 52 week low of $169.37 and a 52 week high of $239.29. The stock has a market capitalization of $32.49 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 3.37 and a beta of 0.98. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a fifty day moving average of $226.76 and a 200-day moving average of $215.81.

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

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a yield of 2.98%. AvalonBay Communities’s payout ratio is 93.02%.

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.