Clearbridge Investments LLC Has $291.05 Million Stock Holdings in AvalonBay Communities, Inc. $AVB

Clearbridge Investments LLC cut its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 29.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,605,273 shares of the real estate investment trust’s stock after selling 661,806 shares during the quarter. Clearbridge Investments LLC’s holdings in AvalonBay Communities were worth $291,052,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AVB. Empowered Funds LLC grew its position in AvalonBay Communities by 5.7% during the first quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock worth $584,000 after buying an additional 148 shares in the last quarter. Guggenheim Capital LLC grew 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 stake in AvalonBay Communities during the second quarter worth about $1,374,000. Cresset Asset Management LLC grew its position in AvalonBay Communities by 14.2% during the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock worth $591,000 after buying an additional 360 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in AvalonBay Communities by 9.5% during the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock worth $3,837,000 after buying an additional 1,629 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Up 0.3%

Shares of AVB opened at $189.72 on Friday. The stock has a market cap of $26.39 billion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 3.30 and a beta of 0.78. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $209.86. The company has a 50-day moving average price of $177.59 and a two-hundred day moving average price of $177.38.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). The business had revenue of $770.28 million for the quarter, compared to the consensus estimate of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same quarter in the prior year, the business earned $2.83 EPS. Equities analysts predict that AvalonBay Communities, Inc. will post 11.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AVB has been the topic of a number of recent research reports. Scotiabank decreased their target price on AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 14th. Piper Sandler lifted their target price on AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wolfe Research upgraded shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price target for the company in a research note on Monday, June 1st. Citigroup cut their price target on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AvalonBay Communities in a research note on Wednesday, April 8th. Five equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $198.44.

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.