Ontario Teachers Pension Plan Board Invests $1.29 Million in AvalonBay Communities, Inc. (NYSE:AVB)

Ontario Teachers Pension Plan Board purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,738 shares of the real estate investment trust’s stock, valued at approximately $1,292,000.

A number of other institutional investors have also made changes to their positions in AVB. Hilton Capital Management LLC raised its holdings in AvalonBay Communities by 36.1% during the 3rd quarter. Hilton Capital Management LLC now owns 60,584 shares of the real estate investment trust’s stock worth $13,647,000 after purchasing an additional 16,065 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in AvalonBay Communities during the 3rd quarter worth about $51,000. PNC Financial Services Group Inc. raised its holdings in AvalonBay Communities by 25.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 19,205 shares of the real estate investment trust’s stock worth $4,326,000 after purchasing an additional 3,920 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in AvalonBay Communities during the 3rd quarter worth about $2,368,000. Finally, Fifth Third Wealth Advisors LLC raised its holdings in AvalonBay Communities by 18.6% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,630 shares of the real estate investment trust’s stock worth $367,000 after purchasing an additional 256 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AVB has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. BNP Paribas initiated coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price for the company. Truist Financial boosted their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Royal Bank of Canada decreased their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their target price on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $226.88.

AvalonBay Communities Stock Performance

AVB opened at $228.14 on Thursday. The firm has a market cap of $32.45 billion, a P/E ratio of 31.21, a price-to-earnings-growth ratio of 3.35 and a beta of 0.97. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $236.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The business’s fifty day moving average is $226.42 and its 200-day moving average is $213.38.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). The company had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the company posted $2.66 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.04 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Insider Activity at AvalonBay Communities

In related 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 sale, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by 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.