127,814 Shares in AvalonBay Communities, Inc. $AVB Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC bought a new position in AvalonBay Communities, Inc. (NYSE:AVB) during the first quarter, Holdings Channel.com reports. The fund bought 127,814 shares of the real estate investment trust’s stock, valued at approximately $20,878,000.

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

Analyst Ratings Changes

A number of brokerages recently commented on AVB. Scotiabank boosted their price objective on shares of AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 9th. Jefferies Financial Group raised AvalonBay Communities to a “hold” rating in a research report on Wednesday, July 22nd. Truist Financial raised their price objective on AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. UBS Group cut their target price on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Finally, Piper Sandler boosted their target price on shares of AvalonBay Communities from $195.00 to $210.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $196.80.

AvalonBay Communities Trading Down 2.4%

Shares of NYSE:AVB opened at $187.82 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. AvalonBay Communities, Inc. has a 12-month low of $160.10 and a 12-month high of $198.63. The business has a 50 day moving average of $187.85 and a two-hundred day moving average of $179.65. The company has a market capitalization of $26.68 billion, a PE ratio of 30.69, a PEG ratio of 3.35 and a beta of 0.77.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million for the quarter, compared to analysts’ expectations of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same period last year, the company posted $2.82 earnings per share. As a group, analysts forecast that AvalonBay Communities, Inc. will post 11.29 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities’s dividend payout ratio is presently 116.34%.

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.