Auto Owners Insurance Co Raises Stock Holdings in AvalonBay Communities, Inc. $AVB

Auto Owners Insurance Co lifted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 537.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,000 shares of the real estate investment trust’s stock after buying an additional 54,800 shares during the quarter. Auto Owners Insurance Co’s holdings in AvalonBay Communities were worth $13,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of AvalonBay Communities by 4.9% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,476 shares of the real estate investment trust’s stock worth $10,404,000 after buying an additional 2,243 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of AvalonBay Communities by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 344,505 shares of the real estate investment trust’s stock worth $73,938,000 after buying an additional 28,608 shares during the period. DAVENPORT & Co LLC raised its holdings in shares of AvalonBay Communities by 21.9% in the first quarter. DAVENPORT & Co LLC now owns 1,169 shares of the real estate investment trust’s stock worth $251,000 after buying an additional 210 shares during the period. Jump Financial LLC purchased a new stake in shares of AvalonBay Communities in the first quarter worth approximately $526,000. Finally, Brown Advisory Inc. increased its holdings in AvalonBay Communities by 12.0% during the 1st quarter. Brown Advisory Inc. now owns 16,596 shares of the real estate investment trust’s stock worth $3,562,000 after purchasing an additional 1,773 shares during the period. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on AVB shares. Truist Financial upgraded AvalonBay Communities from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $224.00 to $218.00 in a report on Thursday, September 11th. Evercore ISI reduced their price objective on AvalonBay Communities from $216.00 to $214.00 and set an “in-line” rating on the stock in a report on Monday, October 13th. Scotiabank reduced their price objective on AvalonBay Communities from $236.00 to $226.00 and set a “sector perform” rating on the stock in a report on Thursday, August 14th. BNP Paribas Exane downgraded AvalonBay Communities from an “outperform” rating to a “neutral” rating in a report on Monday, September 29th. Finally, BNP Paribas downgraded AvalonBay Communities from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Five research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $217.31.

AvalonBay Communities Trading Down 2.1%

Shares of NYSE:AVB opened at $184.35 on Wednesday. AvalonBay Communities, Inc. has a 12-month low of $180.40 and a 12-month high of $239.29. The business’s fifty day simple moving average is $190.91 and its 200-day simple moving average is $197.90. The company has a market capitalization of $26.25 billion, a PE ratio of 22.70, a P/E/G ratio of 2.72 and a beta of 0.86. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.02. AvalonBay Communities had a return on equity of 9.70% and a net margin of 38.91%.The business had revenue of $689.90 million for the quarter, compared to the consensus estimate of $759.08 million. During the same period last year, the business posted $2.77 EPS. As a group, equities research analysts predict that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $1.75 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.8%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 86.21%.

AvalonBay Communities Company 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.