Bremer Bank National Association Trims Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Bremer Bank National Association cut its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 2.9% in the 2nd quarter, Holdings Channel reports. The fund owned 14,146 shares of the real estate investment trust’s stock after selling 426 shares during the quarter. Bremer Bank National Association’s holdings in AvalonBay Communities were worth $2,927,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in AvalonBay Communities during the 4th quarter valued at approximately $1,271,756,000. Principal Financial Group Inc. raised its stake in AvalonBay Communities by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock valued at $883,098,000 after acquiring an additional 109,585 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in AvalonBay Communities by 14.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after acquiring an additional 249,400 shares during the last quarter. Clearbridge Investments LLC raised its stake in AvalonBay Communities by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after acquiring an additional 8,809 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in AvalonBay Communities by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,513,327 shares of the real estate investment trust’s stock valued at $283,325,000 after acquiring an additional 39,348 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AvalonBay Communities

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVB has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on AvalonBay Communities from $194.00 to $212.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Wells Fargo & Company boosted their target price on AvalonBay Communities from $210.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Truist Financial boosted their target price on AvalonBay Communities from $207.00 to $213.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. UBS Group boosted their target price on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, Scotiabank boosted their target price on AvalonBay Communities from $213.00 to $218.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $211.12.

AvalonBay Communities Price Performance

NYSE:AVB traded up $1.77 during trading hours on Wednesday, reaching $213.52. 575,331 shares of the company traded hands, compared to its average volume of 723,807. The firm’s 50-day moving average is $204.57 and its 200-day moving average is $191.88. The stock has a market cap of $30.36 billion, a P/E ratio of 31.51, a P/E/G ratio of 3.09 and a beta of 0.96. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. AvalonBay Communities, Inc. has a 1-year low of $160.45 and a 1-year high of $218.79.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company posted $2.66 EPS. Equities research analysts expect that AvalonBay Communities, Inc. will post 10.97 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Friday, June 28th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

AvalonBay Communities Company Profile

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.