Pallas Capital Advisors LLC Purchases Shares of 3,653 AvalonBay Communities, Inc. $AVB

Pallas Capital Advisors LLC purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, Holdings Channel reports. The firm purchased 3,653 shares of the real estate investment trust’s stock, valued at approximately $689,000.

A number of other hedge funds have also modified their holdings of AVB. Empowered Funds LLC grew its holdings in AvalonBay Communities by 5.7% during the 1st quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock valued at $584,000 after buying an additional 148 shares during the last quarter. Guggenheim Capital LLC increased its position in AvalonBay Communities by 2.8% during the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after buying an additional 129 shares in the last quarter. Baird Financial Group Inc. acquired a new position in shares of AvalonBay Communities in the second quarter worth $1,374,000. Cresset Asset Management LLC raised its holdings in shares of AvalonBay Communities by 14.2% in the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock worth $591,000 after acquiring an additional 360 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of AvalonBay Communities by 9.5% in the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after acquiring an additional 1,629 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Price Performance

AVB stock opened at $184.06 on Thursday. The company has a market cap of $26.28 billion, a PE ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average price of $187.75 and a two-hundred day moving average price of $180.35. AvalonBay Communities, Inc. has a 12-month low of $160.10 and a 12-month high of $198.63.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million during 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 quarter last year, the business earned $2.82 earnings per share. As a group, research analysts predict that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $1.78 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 annualized dividend and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. UBS Group decreased their price objective 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. Truist Financial boosted their target price on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Wells Fargo & Company reduced their target price on shares of AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Piper Sandler raised their price target on shares of AvalonBay Communities from $195.00 to $210.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Finally, Scotiabank lifted their price target on shares of AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a report on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $196.87.

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.