Korea Investment CORP Decreases Position in AvalonBay Communities, Inc. (NYSE:AVB)

Korea Investment CORP lowered its position in AvalonBay Communities, Inc. (NYSE:AVB) by 13.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 126,010 shares of the real estate investment trust’s stock after selling 19,374 shares during the period. Korea Investment CORP’s holdings in AvalonBay Communities were worth $27,718,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in AvalonBay Communities during the third quarter worth about $215,000. The Manufacturers Life Insurance Company raised its position in shares of AvalonBay Communities by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 112,392 shares of the real estate investment trust’s stock worth $25,316,000 after purchasing an additional 2,702 shares during the last quarter. Brooklyn Investment Group purchased a new stake in AvalonBay Communities in the 3rd quarter valued at approximately $39,000. Townsquare Capital LLC grew its holdings in AvalonBay Communities by 42.0% during the 3rd quarter. Townsquare Capital LLC now owns 4,900 shares of the real estate investment trust’s stock valued at $1,104,000 after buying an additional 1,450 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in AvalonBay Communities by 3.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,786 shares of the real estate investment trust’s stock worth $20,900,000 after buying an additional 3,138 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Stock Up 0.2 %

Shares of NYSE:AVB opened at $213.50 on Friday. AvalonBay Communities, Inc. has a 1 year low of $177.40 and a 1 year high of $239.29. The stock has a 50-day simple moving average of $217.50 and a 200-day simple moving average of $222.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market capitalization of $30.37 billion, a P/E ratio of 28.13, a PEG ratio of 3.11 and a beta of 1.00.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. Equities analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.75 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.00 annualized dividend and a yield of 3.28%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s dividend payout ratio is presently 92.23%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Zelman & Associates raised AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Evercore ISI raised their price target on shares of AvalonBay Communities from $230.00 to $240.00 and gave the stock an “in-line” rating in a research note on Monday, February 10th. Truist Financial upped their price objective on shares of AvalonBay Communities from $229.00 to $230.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Barclays lowered their target price on shares of AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $247.00 to $262.00 in a research note on Tuesday, December 17th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $238.64.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.