Metis Global Partners LLC boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 21.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,760 shares of the real estate investment trust’s stock after acquiring an additional 7,780 shares during the period. Metis Global Partners LLC’s holdings in AvalonBay Communities were worth $8,646,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its position in shares of AvalonBay Communities by 3.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 216,153 shares of the real estate investment trust’s stock worth $41,754,000 after purchasing an additional 6,511 shares during the last quarter. FORA Capital LLC boosted its stake in AvalonBay Communities by 78.7% during the second quarter. FORA Capital LLC now owns 15,702 shares of the real estate investment trust’s stock worth $3,195,000 after buying an additional 6,916 shares during the period. Amundi increased its position in shares of AvalonBay Communities by 17.7% during the second quarter. Amundi now owns 449,348 shares of the real estate investment trust’s stock valued at $90,768,000 after acquiring an additional 67,695 shares during the last quarter. Allstate Corp raised its stake in shares of AvalonBay Communities by 250.5% in the 3rd quarter. Allstate Corp now owns 8,152 shares of the real estate investment trust’s stock valued at $1,575,000 after acquiring an additional 5,826 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of AvalonBay Communities by 11.3% in the 3rd quarter. Nordea Investment Management AB now owns 426,870 shares of the real estate investment trust’s stock valued at $81,507,000 after acquiring an additional 43,252 shares during the period. 92.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on AVB shares. Barclays lifted their target price on shares of AvalonBay Communities from $216.00 to $217.00 and gave the company an “overweight” rating in a report on Tuesday, January 13th. Truist Financial lowered their price target on AvalonBay Communities from $205.00 to $203.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. Evercore reaffirmed an “in-line” rating and issued a $214.00 price objective on shares of AvalonBay Communities in a research note on Monday, November 3rd. Mizuho decreased their target price on AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating on the stock in a research note on Monday, November 24th. Finally, Royal Bank Of Canada lowered their target price on AvalonBay Communities from $191.00 to $187.00 and set a “sector perform” rating for the company in a report on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $201.10.
AvalonBay Communities Stock Down 2.4%
AvalonBay Communities stock opened at $175.47 on Friday. AvalonBay Communities, Inc. has a twelve month low of $166.73 and a twelve month high of $230.21. The stock’s fifty day simple moving average is $178.78 and its 200-day simple moving average is $184.17. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $24.85 billion, a P/E ratio of 23.78, a P/E/G ratio of 3.16 and a beta of 0.76.
AvalonBay Communities (NYSE:AVB – Get Free Report) last released its earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.The firm had revenue of $767.86 million during the quarter, compared to analyst estimates of $766.38 million. During the same period last year, the business posted $2.80 earnings per share. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.
AvalonBay Communities Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $1.78 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.75. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities’s dividend payout ratio is presently 94.85%.
About AvalonBay Communities
AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.
AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.
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