New York State Teachers Retirement System Cuts Position in AvalonBay Communities, Inc. (NYSE:AVB)

New York State Teachers Retirement System trimmed its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 7.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 107,237 shares of the real estate investment trust’s stock after selling 9,134 shares during the period. New York State Teachers Retirement System’s holdings in AvalonBay Communities were worth $24,155,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Segment Wealth Management LLC increased its stake in shares of AvalonBay Communities by 4.6% during the third quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust’s stock worth $231,000 after buying an additional 45 shares during the period. SYSTM Wealth Solutions LLC boosted its holdings in AvalonBay Communities by 2.7% in the second quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust’s stock valued at $386,000 after purchasing an additional 49 shares in the last quarter. Patrick M Sweeney & Associates Inc. boosted its holdings in AvalonBay Communities by 4.1% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 50 shares in the last quarter. Tectonic Advisors LLC boosted its holdings in AvalonBay Communities by 2.7% in the third quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust’s stock valued at $436,000 after purchasing an additional 50 shares in the last quarter. Finally, Mather Group LLC. boosted its holdings in AvalonBay Communities by 38.6% in the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 56 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AVB. JPMorgan Chase & Co. upped their price target on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft increased their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Piper Sandler increased their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. UBS Group increased their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company increased their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $225.88.

Insiders Place Their Bets

In other news, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the transaction, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s 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 sale, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the firm’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 completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

AvalonBay Communities Trading Down 2.7 %

NYSE:AVB opened at $221.61 on Friday. The stock has a fifty day moving average price of $225.66 and a two-hundred day moving average price of $209.28. The stock has a market capitalization of $31.52 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 3.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. AvalonBay Communities, Inc. has a 1 year low of $161.85 and a 1 year high of $236.26.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to analysts’ expectations 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 previous year, the company posted $2.66 EPS. As a group, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.07%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s payout ratio is 115.06%.

About AvalonBay Communities

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.