Cresset Asset Management LLC Makes New $229,000 Investment in AvalonBay Communities, Inc. (NYSE:AVB)

Cresset Asset Management LLC bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,033 shares of the real estate investment trust’s stock, valued at approximately $229,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in AvalonBay Communities during the 4th quarter worth about $1,499,050,000. Price T Rowe Associates Inc. MD increased its stake in AvalonBay Communities by 35.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust’s stock valued at $1,133,328,000 after buying an additional 1,336,698 shares during the period. Northern Trust Corp lifted its position in AvalonBay Communities by 54.8% in the 4th quarter. Northern Trust Corp now owns 2,642,743 shares of the real estate investment trust’s stock worth $581,324,000 after buying an additional 935,770 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of AvalonBay Communities by 49.9% during the 4th quarter. Wellington Management Group LLP now owns 2,488,975 shares of the real estate investment trust’s stock valued at $547,500,000 after buying an additional 828,009 shares during the period. Finally, Cohen & Steers Inc. grew its holdings in shares of AvalonBay Communities by 25.7% during the 4th quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust’s stock valued at $688,527,000 after acquiring an additional 639,402 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Wall Street Analyst Weigh In

AVB has been the subject of a number of research reports. Scotiabank lifted their price objective on AvalonBay Communities from $241.00 to $251.00 and gave the company a “sector perform” rating in a research report on Monday, May 12th. Truist Financial lifted their price target on AvalonBay Communities from $229.00 to $230.00 and gave the company a “hold” rating in a report on Monday, March 10th. Evercore ISI boosted their price target on AvalonBay Communities from $230.00 to $240.00 and gave the company an “in-line” rating in a research note on Monday, February 10th. Royal Bank of Canada dropped their price objective on AvalonBay Communities from $223.00 to $220.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Finally, Zelman & Associates upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and an average target price of $239.93.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $208.31 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The firm has a fifty day simple moving average of $205.73 and a 200-day simple moving average of $216.72. The stock has a market capitalization of $29.66 billion, a price-to-earnings ratio of 27.45, a PEG ratio of 3.11 and a beta of 0.86. AvalonBay Communities, Inc. has a 1-year low of $180.40 and a 1-year high of $239.29.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $2.83 EPS for the quarter, topping the consensus estimate of $2.80 by $0.03. AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. The firm had revenue of $693.43 million for the quarter, compared to the consensus estimate of $744.61 million. During the same quarter last year, the firm posted $2.70 EPS. On average, sell-side analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.