Franklin Resources Inc. Boosts Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Franklin Resources Inc. lifted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 11.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 212,338 shares of the real estate investment trust’s stock after acquiring an additional 22,076 shares during the period. Franklin Resources Inc. owned 0.15% of AvalonBay Communities worth $47,056,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. RPg Family Wealth Advisory LLC purchased a new position in shares of AvalonBay Communities during the 3rd quarter worth $26,000. Brooklyn Investment Group purchased a new position in AvalonBay Communities in the third quarter valued at $39,000. Mather Group LLC. grew its position in shares of AvalonBay Communities by 38.6% during the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 56 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of AvalonBay Communities during the third quarter worth approximately $51,000. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in AvalonBay Communities by 731.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 291 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 256 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVB shares. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $247.00 to $262.00 in a report on Tuesday. Wells Fargo & Company upped their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Truist Financial boosted their price target on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Finally, Barclays started coverage on AvalonBay Communities in a report on Tuesday. They set an “equal weight” rating and a $243.00 price target for the company. 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 currently has a consensus rating of “Hold” and a consensus price target of $231.33.

AvalonBay Communities Stock Down 0.2 %

Shares of NYSE AVB opened at $226.94 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The firm’s 50-day moving average is $227.51 and its two-hundred day moving average is $218.11. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $239.29. The company has a market capitalization of $32.28 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.10). The firm 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 period in the previous year, the firm posted $2.66 EPS. Equities analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 3.00%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Insider Buying and Selling at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.48% of the stock is owned by company insiders.

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.