ING Groep NV lessened its position in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 72.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,829 shares of the real estate investment trust’s stock after selling 45,855 shares during the period. ING Groep NV’s holdings in AvalonBay Communities were worth $3,062,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in AvalonBay Communities by 0.4% in the 2nd quarter. BlackRock Inc. now owns 15,723,924 shares of the real estate investment trust’s stock worth $2,976,067,000 after acquiring an additional 69,187 shares during the last quarter. State Street Corp lifted its position in shares of AvalonBay Communities by 0.6% in the 2nd quarter. State Street Corp now owns 10,147,624 shares of the real estate investment trust’s stock worth $1,937,005,000 after purchasing an additional 60,027 shares during the period. Norges Bank purchased a new stake in shares of AvalonBay Communities in the 4th quarter worth about $1,001,550,000. JPMorgan Chase & Co. lifted its position in shares of AvalonBay Communities by 8.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,250,683 shares of the real estate investment trust’s stock worth $993,797,000 after purchasing an additional 387,254 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of AvalonBay Communities by 2.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,833,571 shares of the real estate investment trust’s stock worth $812,332,000 after purchasing an additional 106,604 shares during the period. Institutional investors own 88.71% of the company’s stock.
AvalonBay Communities Price Performance
Shares of NYSE:AVB opened at $182.54 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.84 and a quick ratio of 1.84. AvalonBay Communities, Inc. has a 1-year low of $153.07 and a 1-year high of $198.65. The company has a market capitalization of $25.92 billion, a P/E ratio of 27.78, a P/E/G ratio of 3.34 and a beta of 0.95. The firm’s 50 day simple moving average is $178.59 and its two-hundred day simple moving average is $180.29.
AvalonBay Communities Dividend Announcement
Wall Street Analyst Weigh In
AVB has been the subject of several research analyst reports. TheStreet cut shares of AvalonBay Communities from a “b” rating to a “c+” rating in a research report on Wednesday, October 25th. Truist Financial reduced their price objective on shares of AvalonBay Communities from $214.00 to $202.00 and set a “buy” rating for the company in a research note on Monday, November 27th. Wedbush assumed coverage on shares of AvalonBay Communities in a research note on Tuesday, October 3rd. They set a “neutral” rating and a $179.00 price objective for the company. Wolfe Research lowered shares of AvalonBay Communities from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 2nd. Finally, Piper Sandler upgraded shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $197.00 to $194.00 in a research note on Tuesday, October 31st. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, AvalonBay Communities has an average rating of “Hold” and an average price target of $196.00.
About AvalonBay Communities
As of September 30, 2023, the Company owned or held a direct or indirect ownership interest in 296 apartment communities containing 89,240 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and one community was under redevelopment. 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.
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