Sompo Asset Management Co. Ltd. Has $570,000 Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Sompo Asset Management Co. Ltd. increased its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 46.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,530 shares of the real estate investment trust’s stock after buying an additional 800 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in AvalonBay Communities were worth $570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in AvalonBay Communities by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock worth $504,658,000 after acquiring an additional 78,800 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of AvalonBay Communities by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock valued at $429,145,000 after purchasing an additional 13,631 shares during the period. Bank of New York Mellon Corp lifted its stake in AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock valued at $244,776,000 after purchasing an additional 126,055 shares during the last quarter. Janus Henderson Group PLC grew its holdings in AvalonBay Communities by 6.1% during the first quarter. Janus Henderson Group PLC now owns 521,815 shares of the real estate investment trust’s stock worth $96,781,000 after purchasing an additional 29,953 shares during the period. Finally, American Century Companies Inc. grew its holdings in AvalonBay Communities by 6.2% during the second quarter. American Century Companies Inc. now owns 461,937 shares of the real estate investment trust’s stock worth $95,570,000 after purchasing an additional 26,859 shares during the period. 92.61% of the stock is owned by institutional investors.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 2,261 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the sale, the director now owns 111,436 shares in the company, valued at $26,051,508.08. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

AVB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. BNP Paribas initiated coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Evercore ISI raised their target price on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $226.88.

AvalonBay Communities Trading Up 0.6 %

AVB opened at $231.94 on Monday. The stock has a market capitalization of $32.99 billion, a price-to-earnings ratio of 31.73, a P/E/G ratio of 3.37 and a beta of 0.97. 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 twelve month low of $169.37 and a twelve month high of $236.26. The company has a 50-day simple moving average of $226.36 and a 200 day simple moving average of $214.02.

AvalonBay Communities (NYSE:AVB) last issued its quarterly 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). The firm had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the company posted $2.66 EPS. Analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.93%. AvalonBay Communities’s dividend payout ratio is currently 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.