Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 4.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,476 shares of the real estate investment trust’s stock after acquiring an additional 2,243 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in AvalonBay Communities were worth $10,404,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVB. Amalgamated Bank raised its position in AvalonBay Communities by 0.7% in the 1st quarter. Amalgamated Bank now owns 28,054 shares of the real estate investment trust’s stock valued at $6,021,000 after purchasing an additional 205 shares in the last quarter. Naviter Wealth LLC raised its holdings in AvalonBay Communities by 2.7% in the first quarter. Naviter Wealth LLC now owns 10,241 shares of the real estate investment trust’s stock valued at $2,187,000 after acquiring an additional 269 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in AvalonBay Communities by 72.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,692 shares of the real estate investment trust’s stock valued at $8,477,000 after acquiring an additional 16,694 shares in the last quarter. Achmea Investment Management B.V. lifted its stake in AvalonBay Communities by 33.5% in the first quarter. Achmea Investment Management B.V. now owns 23,068 shares of the real estate investment trust’s stock worth $4,951,000 after acquiring an additional 5,791 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in AvalonBay Communities by 26.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 44,786 shares of the real estate investment trust’s stock worth $9,612,000 after acquiring an additional 9,396 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at AvalonBay Communities
In related news, CFO Kevin P. O’shea sold 6,000 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $207.57, for a total transaction of $1,245,420.00. Following the completion of the sale, the chief financial officer directly owned 22,782 shares of the company’s stock, valued at $4,728,859.74. This trade represents a 20.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward M. Schulman sold 5,945 shares of the business’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the transaction, the executive vice president directly owned 17,617 shares in the company, valued at $3,623,288.39. This represents a 25.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.
AvalonBay Communities Stock Down 0.1%
AvalonBay Communities (NYSE:AVB – Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.03. AvalonBay Communities had a net margin of 38.86% and a return on equity of 9.65%. The company had revenue of $693.43 million for the quarter, compared to analyst estimates of $744.61 million. During the same period in the previous year, the business posted $2.70 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.
AvalonBay Communities Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Monday, June 30th. AvalonBay Communities’s payout ratio is currently 87.17%.
Analyst Ratings Changes
Several research firms have recently issued reports on AVB. Truist Financial lifted their price objective on shares of AvalonBay Communities from $229.00 to $230.00 and gave the stock a “hold” rating in a research report on Monday, March 10th. Royal Bank Of Canada decreased their price target on AvalonBay Communities from $223.00 to $220.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Piper Sandler dropped their price objective on AvalonBay Communities from $265.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Wall Street Zen lowered AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, BMO Capital Markets downgraded AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 price target for the company. in a report on Friday, April 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Hold” and an average price target of $235.86.
Read Our Latest Report on AvalonBay Communities
AvalonBay Communities Profile
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.
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