Duff & Phelps Investment Management Co. Grows Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Duff & Phelps Investment Management Co. boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 857,241 shares of the real estate investment trust’s stock after purchasing an additional 33,934 shares during the period. AvalonBay Communities makes up 2.2% of Duff & Phelps Investment Management Co.’s portfolio, making the stock its 8th largest position. Duff & Phelps Investment Management Co. owned 0.60% of AvalonBay Communities worth $193,094,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AVB. Park Avenue Securities LLC lifted its position in AvalonBay Communities by 17.6% in the second quarter. Park Avenue Securities LLC now owns 3,071 shares of the real estate investment trust’s stock valued at $635,000 after purchasing an additional 459 shares during the last quarter. CWM LLC grew its holdings in AvalonBay Communities by 6.9% in the second quarter. CWM LLC now owns 1,564 shares of the real estate investment trust’s stock worth $324,000 after purchasing an additional 101 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of AvalonBay Communities by 40.9% during the second quarter. QRG Capital Management Inc. now owns 8,149 shares of the real estate investment trust’s stock valued at $1,686,000 after purchasing an additional 2,366 shares during the last quarter. Czech National Bank boosted its position in shares of AvalonBay Communities by 8.4% in the 2nd quarter. Czech National Bank now owns 27,058 shares of the real estate investment trust’s stock worth $5,598,000 after purchasing an additional 2,099 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in AvalonBay Communities by 8.1% in the second quarter. Sequoia Financial Advisors LLC now owns 2,183 shares of the real estate investment trust’s stock worth $452,000 after acquiring an additional 164 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on AVB. Royal Bank of Canada reduced their price objective on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Truist Financial increased their target price on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Evercore ISI lifted their target price on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Wells Fargo & Company lifted their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Finally, Scotiabank lowered their target price on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, AvalonBay Communities has an average rating of “Hold” and an average target price of $228.67.

Insider Activity at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the firm’s stock in a transaction that occurred on 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.48% of the stock is owned by insiders.

AvalonBay Communities Stock Up 0.1 %

NYSE AVB opened at $226.55 on Monday. The company has a current ratio of 1.64, a quick 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. The stock’s 50 day moving average is $226.75 and its 200 day moving average is $216.43. The stock has a market cap of $32.22 billion, a PE ratio of 30.99, a P/E/G ratio of 3.31 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 the consensus estimate of $2.71 by ($0.10). The company had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period in the previous year, the business posted $2.66 earnings per share. Research analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

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