Royal London Asset Management Ltd. Raises Position in AvalonBay Communities, Inc. (NYSE:AVB)

Royal London Asset Management Ltd. raised its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 6.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,516 shares of the real estate investment trust’s stock after acquiring an additional 4,080 shares during the quarter. Royal London Asset Management Ltd.’s holdings in AvalonBay Communities were worth $16,109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. RPg Family Wealth Advisory LLC purchased a new position in shares of AvalonBay Communities during the 3rd quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new position in shares of AvalonBay Communities during the 2nd quarter valued at $32,000. Brooklyn Investment Group purchased a new position in shares of AvalonBay Communities during the 3rd quarter valued at $39,000. Mather Group LLC. lifted its stake in shares of AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 56 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in shares of AvalonBay Communities during the 3rd quarter valued at $51,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Insider Buying and Selling

In related news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by corporate insiders.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $226.55 on Friday. The company’s 50-day moving average price is $226.75 and its 200-day moving average price is $216.30. AvalonBay Communities, Inc. has a twelve month low of $169.37 and a twelve month high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a market cap of $32.22 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 3.33 and a beta of 0.98.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share 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 business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter last year, the firm earned $2.66 earnings per share. On average, equities research analysts forecast that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.00%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVB. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. lifted their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. BNP Paribas began coverage on shares of AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price target on the stock. Scotiabank reduced their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a report on Thursday, November 14th. Finally, Royal Bank of Canada reduced their price target on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $228.67.

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.