Canada Pension Plan Investment Board Buys New Shares in AvalonBay Communities, Inc. $AVB

Canada Pension Plan Investment Board bought a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, Holdings Channel.com reports. The fund bought 215,587 shares of the real estate investment trust’s stock, valued at approximately $40,679,000.

A number of other institutional investors have also bought and sold shares of AVB. BlackRock Inc. purchased a new position in shares of AvalonBay Communities in the second quarter valued at about $3,368,659,000. Auto Owners Insurance Co grew its position 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 purchasing an additional 11,720,150 shares in the last quarter. Norges Bank purchased a new stake in shares of AvalonBay Communities during the fourth quarter worth about $1,394,635,000. Legal & General Group Plc bought a new stake in AvalonBay Communities during the 2nd quarter valued at approximately $366,672,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

Shares of AVB opened at $184.06 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $26.28 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $198.63. The business’s 50 day simple moving average is $187.89 and its 200-day simple moving average is $180.75.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million during the quarter, compared to analysts’ expectations of $772.37 million. During the same period last year, the business posted $2.82 earnings per share. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.78 per share. 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 116.34%.

Wall Street Analysts Forecast Growth

AVB has been the subject of several recent analyst reports. Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Wednesday, July 22nd. Truist Financial lifted their price objective on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Wolfe Research raised shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 target price on the stock in a report on Monday, June 1st. Barclays upped their target price on shares of AvalonBay Communities from $205.00 to $206.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Finally, Scotiabank raised their target price on shares of AvalonBay Communities from $187.00 to $195.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $196.87.

AvalonBay Communities Company Profile

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.