FineMark National Bank & Trust Trims Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

FineMark National Bank & Trust trimmed its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,792 shares of the real estate investment trust’s stock after selling 360 shares during the period. FineMark National Bank & Trust’s holdings in AvalonBay Communities were worth $6,773,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC increased its position in AvalonBay Communities by 10.3% during the third quarter. Empowered Funds LLC now owns 2,337 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 218 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of AvalonBay Communities by 25.6% during the third quarter. PNC Financial Services Group Inc. now owns 19,205 shares of the real estate investment trust’s stock valued at $4,326,000 after acquiring an additional 3,920 shares during the last quarter. Raymond James Trust N.A. increased its position in AvalonBay Communities by 3.1% during the 3rd quarter. Raymond James Trust N.A. now owns 2,015 shares of the real estate investment trust’s stock worth $454,000 after purchasing an additional 60 shares in the last quarter. Citigroup Inc. raised its stake in AvalonBay Communities by 9.2% in the 3rd quarter. Citigroup Inc. now owns 201,788 shares of the real estate investment trust’s stock valued at $45,453,000 after purchasing an additional 17,036 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in AvalonBay Communities by 11.2% in the 3rd quarter. Cerity Partners LLC now owns 59,714 shares of the real estate investment trust’s stock valued at $13,451,000 after purchasing an additional 5,993 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Price Performance

AVB opened at $214.40 on Tuesday. AvalonBay Communities, Inc. has a 52-week low of $177.40 and a 52-week high of $239.29. The company has a 50 day moving average of $217.86 and a two-hundred day moving average of $222.78. The company has a market cap of $30.50 billion, a P/E ratio of 28.25, a P/E/G ratio of 3.11 and a beta of 1.00. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.68.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. On average, analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.75 per share. The ex-dividend date is Monday, March 31st. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 annualized dividend and a yield of 3.26%. AvalonBay Communities’s payout ratio is 92.23%.

Analysts Set New Price Targets

AVB has been the subject of a number of analyst reports. Royal Bank of Canada boosted their price objective on shares of AvalonBay Communities from $226.00 to $229.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Morgan Stanley downgraded AvalonBay Communities from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $236.00 to $223.00 in a report on Friday, January 24th. Evercore ISI raised their price objective on AvalonBay Communities from $230.00 to $240.00 and gave the stock an “in-line” rating in a report on Monday, February 10th. Barclays dropped their target price on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, Piper Sandler decreased their price target on AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 11th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities has an average rating of “Moderate Buy” and an average price target of $238.64.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.