California Public Employees Retirement System Has $47.66 Million Stock Position in AvalonBay Communities, Inc. $AVB

California Public Employees Retirement System lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 291,774 shares of the real estate investment trust’s stock after selling 17,068 shares during the quarter. California Public Employees Retirement System’s holdings in AvalonBay Communities were worth $47,661,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVB. Auto Owners Insurance Co raised its holdings in shares of AvalonBay Communities by 18,031.0% during the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock worth $213,677,000 after acquiring an additional 11,720,150 shares during the period. Norges Bank acquired a new position in AvalonBay Communities in the 4th quarter worth $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AvalonBay Communities by 15,065.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust’s stock worth $326,552,000 after purchasing an additional 1,789,195 shares during the period. Bank of America Corp DE increased its holdings in AvalonBay Communities by 76.0% during the 3rd quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock worth $455,077,000 after purchasing an additional 1,017,286 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in AvalonBay Communities by 22.4% during the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust’s stock worth $935,551,000 after purchasing an additional 944,129 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on AVB. Weiss Ratings restated a “hold (c)” rating on shares of AvalonBay Communities in a report on Monday, July 6th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Cantor Fitzgerald lifted their target price on AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Truist Financial lifted their target price on AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Finally, Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $195.80.

AvalonBay Communities Trading Down 0.4%

Shares of NYSE:AVB opened at $191.84 on Tuesday. The company’s 50-day moving average price is $187.02 and its two-hundred day moving average price is $179.16. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $205.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $27.25 billion, a PE ratio of 27.80, a price-to-earnings-growth ratio of 3.35 and a beta of 0.77.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The company had revenue of $770.28 million for the quarter, compared to the consensus estimate of $768.80 million. During the same quarter in the prior year, the company earned $2.83 EPS. On average, equities analysts forecast that AvalonBay Communities, Inc. will post 11.28 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 103.19%.

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.