Zurcher Kantonalbank Zurich Cantonalbank Acquires 3,138 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 3.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,786 shares of the real estate investment trust’s stock after purchasing an additional 3,138 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AvalonBay Communities were worth $20,900,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Daiwa Securities Group Inc. raised its holdings in shares of AvalonBay Communities by 487.8% in the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after purchasing an additional 298,322 shares during the last quarter. International Assets Investment Management LLC bought a new position in AvalonBay Communities in the 3rd quarter valued at $581,960,000. SG Americas Securities LLC increased its position in shares of AvalonBay Communities by 958.9% during the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after purchasing an additional 156,316 shares during the last quarter. Artemis Investment Management LLP bought a new stake in shares of AvalonBay Communities during the 3rd quarter worth $29,256,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth about $26,755,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Insider Transactions at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 2,261 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the sale, the director now directly owns 111,436 shares of the company’s stock, valued at approximately $26,051,508.08. This trade represents a 1.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wells Fargo & Company raised 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. Royal Bank of Canada dropped their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. BNP Paribas began coverage on AvalonBay Communities in a report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Finally, Piper Sandler upped their target price on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $226.88.

AvalonBay Communities Stock Performance

NYSE AVB opened at $235.21 on Friday. The firm has a market cap of $33.46 billion, a price-to-earnings ratio of 32.18, a PEG ratio of 3.47 and a beta of 0.97. The company has a 50-day simple moving average of $226.85 and a two-hundred day simple moving average of $215.13. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $239.29.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The company had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. During the same period last year, the firm earned $2.66 earnings per share. On average, equities analysts forecast that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s payout ratio is 93.02%.

About AvalonBay Communities

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.