Texas Permanent School Fund Lowers Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Texas Permanent School Fund lowered its stake in shares of AvalonBay Communities, Inc. (NYSE:AVBGet Rating) by 6.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 18,128 shares of the real estate investment trust’s stock after selling 1,148 shares during the period. Texas Permanent School Fund’s holdings in AvalonBay Communities were worth $4,502,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AVB. Norges Bank purchased a new position in shares of AvalonBay Communities during the 4th quarter worth approximately $1,499,421,000. BlackRock Inc. lifted its holdings in AvalonBay Communities by 6.3% during the 4th quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock worth $3,843,305,000 after buying an additional 898,161 shares in the last quarter. State Street Corp lifted its holdings in AvalonBay Communities by 7.6% during the 4th quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock worth $2,379,927,000 after buying an additional 658,377 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in AvalonBay Communities by 36.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,778,699 shares of the real estate investment trust’s stock worth $449,282,000 after buying an additional 474,391 shares in the last quarter. Finally, Centersquare Investment Management LLC lifted its holdings in AvalonBay Communities by 13.0% during the 4th quarter. Centersquare Investment Management LLC now owns 1,665,896 shares of the real estate investment trust’s stock worth $420,789,000 after buying an additional 191,159 shares in the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $204.91 on Friday. The company’s fifty day moving average price is $197.28 and its 200 day moving average price is $222.82. AvalonBay Communities, Inc. has a 12 month low of $183.35 and a 12 month high of $259.05. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 1.26. The firm has a market capitalization of $28.65 billion, a P/E ratio of 35.21, a P/E/G ratio of 3.50 and a beta of 0.93.

AvalonBay Communities (NYSE:AVBGet Rating) last issued its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.07. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. The company had revenue of $644.56 million for the quarter, compared to the consensus estimate of $632.41 million. During the same period last year, the firm posted $1.98 EPS. AvalonBay Communities’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, sell-side analysts predict that AvalonBay Communities, Inc. will post 9.73 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, June 29th. AvalonBay Communities’s payout ratio is currently 109.28%.

Analysts Set New Price Targets

AVB has been the topic of a number of research reports. Mizuho reduced their target price on shares of AvalonBay Communities from $260.00 to $212.00 and set a “buy” rating on the stock in a report on Monday, June 27th. Truist Financial reduced their target price on shares of AvalonBay Communities from $263.00 to $224.00 and set a “hold” rating on the stock in a report on Friday, June 24th. Barclays reduced their price objective on shares of AvalonBay Communities from $263.00 to $229.00 in a report on Tuesday, May 10th. Credit Suisse Group initiated coverage on shares of AvalonBay Communities in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $208.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on shares of AvalonBay Communities from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Wednesday, July 20th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $239.63.

AvalonBay Communities Profile

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As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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