AvalonBay Communities, Inc. (NYSE:AVB) Position Reduced by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its position in AvalonBay Communities, Inc. (NYSE:AVB) by 0.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,019,317 shares of the real estate investment trust’s stock after selling 15,085 shares during the period. Canada Pension Plan Investment Board’s holdings in AvalonBay Communities were worth $444,189,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in AVB. Norges Bank purchased a new stake in shares of AvalonBay Communities in the 4th quarter valued at approximately $1,499,050,000. Principal Financial Group Inc. lifted its holdings in shares of AvalonBay Communities by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 4,590,539 shares of the real estate investment trust’s stock valued at $1,009,781,000 after purchasing an additional 27,629 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of AvalonBay Communities by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock valued at $914,627,000 after purchasing an additional 55,588 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of AvalonBay Communities by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 3,693,457 shares of the real estate investment trust’s stock worth $810,470,000 after buying an additional 107,655 shares during the period. Finally, Cohen & Steers Inc. grew its holdings in shares of AvalonBay Communities by 25.7% during the fourth quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust’s stock valued at $688,527,000 after buying an additional 639,402 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Trading Down 0.1 %

Shares of NYSE:AVB opened at $200.34 on Thursday. AvalonBay Communities, Inc. has a 1 year low of $178.29 and a 1 year high of $239.29. The firm has a fifty day moving average price of $211.73 and a 200 day moving average price of $219.37. 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 stock has a market capitalization of $28.52 billion, a PE ratio of 26.40, a P/E/G ratio of 3.11 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. Analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.49%. The ex-dividend date was Monday, March 31st. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s dividend payout ratio (DPR) is 92.23%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVB shares. Morgan Stanley downgraded AvalonBay Communities from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $236.00 to $223.00 in a research note on Friday, January 24th. Barclays increased their price target on shares of AvalonBay Communities from $226.00 to $227.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. Truist Financial boosted their price objective on shares of AvalonBay Communities from $229.00 to $230.00 and gave the company a “hold” rating in a research report on Monday, March 10th. Royal Bank of Canada increased their target price on shares of AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Finally, BMO Capital Markets lowered shares of AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 target price for the company. in a research note on Friday, April 4th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.47.

About AvalonBay Communities

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.