State of Michigan Retirement System Increases Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

State of Michigan Retirement System lifted its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,511 shares of the real estate investment trust’s stock after purchasing an additional 300 shares during the period. State of Michigan Retirement System’s holdings in AvalonBay Communities were worth $9,131,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC bought a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $26,000. Whipplewood Advisors LLC purchased a new stake in shares of AvalonBay Communities during the fourth quarter valued at approximately $36,000. Brooklyn Investment Group bought a new stake in AvalonBay Communities during the third quarter worth $39,000. Prospera Private Wealth LLC purchased a new position in AvalonBay Communities in the third quarter worth $51,000. Finally, Catalyst Capital Advisors LLC boosted its position in AvalonBay Communities by 312.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 275 shares during the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AVB opened at $224.62 on Thursday. AvalonBay Communities, Inc. has a 52-week low of $177.40 and a 52-week high of $239.29. The stock’s 50-day simple moving average is $218.95 and its 200 day simple moving average is $223.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market capitalization of $31.95 billion, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 3.11 and a beta of 1.00.

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 (EPS) 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%. Research analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.75 per share. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, March 31st. AvalonBay Communities’s payout ratio is 92.23%.

Analyst Upgrades and Downgrades

AVB has been the topic of a number of recent analyst reports. Morgan Stanley cut AvalonBay Communities from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $236.00 to $223.00 in a research note on Friday, January 24th. Piper Sandler lowered their price objective on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 11th. Mizuho raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and increased their target price for the company from $239.00 to $242.00 in a research report on Monday, January 6th. Zelman & Associates upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. upgraded AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $247.00 to $262.00 in a research note on Tuesday, December 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $238.64.

AvalonBay Communities Profile

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.