SummitTX Capital L.P. Makes New $851,000 Investment in AvalonBay Communities, Inc. $AVB

SummitTX Capital L.P. bought a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,207 shares of the real estate investment trust’s stock, valued at approximately $851,000.

A number of other institutional investors also recently modified their holdings of AVB. Reflection Asset Management acquired a new position in shares of AvalonBay Communities in the fourth quarter valued at about $25,000. Clearstead Trust LLC raised its stake in AvalonBay Communities by 56.0% in the 1st quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 56 shares in the last quarter. Zions Bancorporation National Association UT raised its stake in AvalonBay Communities by 300.0% in the 4th quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. BOKF NA bought a new stake in AvalonBay Communities in the 3rd quarter valued at about $31,000. Finally, Elyxium Wealth LLC bought a new stake in AvalonBay Communities in the 4th quarter valued at about $32,000. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

NYSE AVB opened at $187.82 on Friday. The firm’s 50 day simple moving average is $187.85 and its 200 day simple moving average is $179.65. The firm has a market capitalization of $26.68 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 3.35 and a beta of 0.77. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $198.63.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The firm had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. During the same quarter in the prior year, the firm earned $2.82 earnings per share. As a group, research analysts expect that AvalonBay Communities, Inc. will post 11.29 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.78 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.

Analyst Ratings Changes

A number of brokerages have issued reports on AVB. Truist Financial increased their target price on shares of AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. UBS Group cut their price target on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Cantor Fitzgerald boosted their price target on AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Weiss Ratings raised AvalonBay Communities from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Finally, Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and an average target price of $196.80.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.