Everence Capital Management Inc. Lowers Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Everence Capital Management Inc. trimmed its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 27.5% during the 4th quarter, Holdings Channel reports. The fund owned 2,720 shares of the real estate investment trust’s stock after selling 1,030 shares during the quarter. Everence Capital Management Inc.’s holdings in AvalonBay Communities were worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of AVB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of AvalonBay Communities by 678.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock worth $386,315,000 after purchasing an additional 1,494,872 shares during the period. Daiwa Securities Group Inc. grew its position in AvalonBay Communities by 487.8% during the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after buying an additional 298,322 shares during the period. International Assets Investment Management LLC purchased a new position in AvalonBay Communities in the third quarter valued at $581,960,000. State Street Corp raised its position in shares of AvalonBay Communities by 2.2% in the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock worth $2,097,971,000 after acquiring an additional 196,938 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of AvalonBay Communities by 958.9% during the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock worth $38,882,000 after acquiring an additional 156,316 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $219.17 on Friday. The business’s 50 day moving average price is $226.61 and its 200 day moving average price is $219.83. The company has a market cap of $31.17 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 3.30 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. AvalonBay Communities, Inc. has a one year low of $169.37 and a one year high of $239.29.

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

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.70 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.10%. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Insider Activity

In related news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the sale, the director now directly owns 87,239 shares in the company, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AVB shares. JPMorgan Chase & Co. upgraded AvalonBay Communities from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $247.00 to $262.00 in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Evercore ISI increased their target price on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank cut their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a report on Thursday, November 14th. Finally, Barclays began coverage on shares of AvalonBay Communities in a report on Tuesday, December 17th. They set an “equal weight” rating and a $243.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, AvalonBay Communities has a consensus rating of “Hold” and an average price target of $231.33.

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.