Man Group plc Makes New Investment in AvalonBay Communities, Inc. $AVB

Man Group plc purchased a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, Holdings Channel reports. The firm purchased 2,837 shares of the real estate investment trust’s stock, valued at approximately $535,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVB. Empowered Funds LLC raised its position in AvalonBay Communities by 5.7% in the 1st quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock worth $584,000 after buying an additional 148 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of AvalonBay Communities by 2.8% in the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after acquiring an additional 129 shares during the period. Baird Financial Group Inc. bought a new stake in shares of AvalonBay Communities in the second quarter worth approximately $1,374,000. Cresset Asset Management LLC raised its holdings in shares of AvalonBay Communities by 14.2% during the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock valued at $591,000 after purchasing an additional 360 shares during the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of AvalonBay Communities by 9.5% during the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after purchasing an additional 1,629 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AVB has been the topic of several research reports. Scotiabank raised their target price on shares of AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a report on Thursday, July 9th. Piper Sandler increased their price target on AvalonBay Communities from $195.00 to $210.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings lowered AvalonBay Communities from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Finally, Wolfe Research raised AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 target price on the stock in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and an average price target of $196.87.

AvalonBay Communities Price Performance

AVB opened at $184.06 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 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. The company has a market capitalization of $26.28 billion, a PE ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76. The firm’s 50 day simple moving average is $188.11 and its two-hundred day simple moving average is $181.02.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. During the same period in the previous year, the firm earned $2.82 EPS. As a group, equities analysts forecast that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed 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 of this dividend was Tuesday, June 30th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is 116.34%.

AvalonBay Communities Profile

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.