Insider Selling: AvalonBay Communities, Inc. (NYSE:AVB) CIO Sells $1,044,500.00 in Stock

AvalonBay Communities, Inc. (NYSE:AVB) CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the completion of the transaction, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

AvalonBay Communities Trading Up 1.1 %

AVB opened at $210.58 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 52-week low of $160.45 and a 52-week high of $218.79. The firm’s 50 day moving average is $203.98 and its 200-day moving average is $191.22. The firm has a market capitalization of $29.94 billion, a P/E ratio of 31.34, a P/E/G ratio of 3.09 and a beta of 0.96.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results 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 the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period last year, the firm earned $2.66 EPS. Analysts expect that AvalonBay Communities, Inc. will post 10.97 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.23%. The ex-dividend date was Friday, June 28th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

Hedge Funds Weigh In On AvalonBay Communities

A number of hedge funds have recently modified their holdings of the company. DAVENPORT & Co LLC bought a new position in shares of AvalonBay Communities in the fourth quarter worth about $201,000. Prime Capital Investment Advisors LLC bought a new stake in shares of AvalonBay Communities in the fourth quarter valued at about $308,000. Mirae Asset Global Investments Co. Ltd. boosted its position in AvalonBay Communities by 0.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,096 shares of the real estate investment trust’s stock valued at $8,068,000 after purchasing an additional 304 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of AvalonBay Communities during the fourth quarter valued at $337,000. Finally, Cerity Partners LLC grew its position in AvalonBay Communities by 3.9% during the fourth quarter. Cerity Partners LLC now owns 57,421 shares of the real estate investment trust’s stock valued at $10,751,000 after buying an additional 2,173 shares during the period. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AVB shares. Argus upped their price target on shares of AvalonBay Communities from $188.00 to $212.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Wells Fargo & Company boosted their price target on AvalonBay Communities from $210.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. UBS Group raised their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Barclays raised their price objective on AvalonBay Communities from $204.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Finally, Truist Financial raised their target price on shares of AvalonBay Communities from $207.00 to $213.00 and gave the company a “hold” rating in a report on Monday, June 24th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $210.59.

AvalonBay Communities Company 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.