AvalonBay Communities, Inc. (NYSE:AVB) Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its position in shares of AvalonBay Communities, Inc. (NYSE:AVBFree Report) by 3.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 103,839 shares of the real estate investment trust’s stock after buying an additional 3,899 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in AvalonBay Communities were worth $17,833,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in AVB. Norges Bank purchased a new position in AvalonBay Communities during the 4th quarter worth approximately $1,001,550,000. D1 Capital Partners L.P. purchased a new position in shares of AvalonBay Communities in the 2nd quarter valued at approximately $152,996,000. Wellington Management Group LLP grew its stake in shares of AvalonBay Communities by 57.1% in the 1st quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock valued at $531,516,000 after purchasing an additional 777,631 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of AvalonBay Communities by 18.5% in the 1st quarter. JPMorgan Chase & Co. now owns 4,863,429 shares of the real estate investment trust’s stock valued at $817,348,000 after purchasing an additional 759,388 shares during the last quarter. Finally, Long Pond Capital LP grew its stake in shares of AvalonBay Communities by 255.8% in the 4th quarter. Long Pond Capital LP now owns 767,824 shares of the real estate investment trust’s stock valued at $124,019,000 after purchasing an additional 552,042 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AVB. Wolfe Research downgraded AvalonBay Communities from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 2nd. Piper Sandler raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $197.00 to $194.00 in a report on Tuesday, October 31st. Truist Financial cut AvalonBay Communities from a “buy” rating to a “hold” rating and raised their price target for the company from $202.00 to $203.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft started coverage on AvalonBay Communities in a report on Tuesday, January 30th. They issued a “buy” rating and a $206.00 price target for the company. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of AvalonBay Communities in a report on Friday, January 5th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $196.06.

View Our Latest Stock Report on AvalonBay Communities

AvalonBay Communities Price Performance

AVB stock opened at $174.62 on Friday. The stock has a 50-day moving average price of $181.20 and a two-hundred day moving average price of $178.14. AvalonBay Communities, Inc. has a 12-month low of $153.07 and a 12-month high of $198.65. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.68. The company has a market cap of $24.80 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 3.24 and a beta of 0.93.

AvalonBay Communities (NYSE:AVBGet Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). The firm had revenue of $704.71 million for the quarter, compared to analysts’ expectations of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same period last year, the firm posted $2.59 EPS. As a group, research analysts predict that AvalonBay Communities, Inc. will post 10.86 EPS for the current year.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. AvalonBay Communities’s payout ratio is currently 100.76%.

About AvalonBay Communities

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding AVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AvalonBay Communities, Inc. (NYSE:AVBFree Report).

Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.