Sterling Capital Management LLC Trims Stock Position in AvalonBay Communities, Inc. $AVB

Sterling Capital Management LLC cut its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 43.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,792 shares of the real estate investment trust’s stock after selling 3,639 shares during the period. Sterling Capital Management LLC’s holdings in AvalonBay Communities were worth $783,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new stake in AvalonBay Communities in the fourth quarter valued at $25,000. Zions Bancorporation National Association UT increased its position in shares of AvalonBay Communities by 300.0% during the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 120 shares during the last quarter. BOKF NA purchased a new stake in shares of AvalonBay Communities in the 3rd quarter valued at approximately $31,000. Headlands Technologies LLC acquired a new position in shares of AvalonBay Communities in the 2nd quarter worth approximately $36,000. Finally, Elyxium Wealth LLC acquired a new position in shares of AvalonBay Communities in the 4th quarter worth approximately $32,000. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

NYSE:AVB opened at $190.39 on Thursday. The company has a fifty day simple moving average of $183.81 and a two-hundred day simple moving average of $178.12. The company has a market cap of $26.48 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 3.29 and a beta of 0.77. 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 52 week low of $160.10 and a 52 week high of $205.00.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.47). The company had revenue of $770.28 million during the quarter, compared to analyst estimates of $768.80 million. AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. During the same quarter in the previous year, the business posted $2.83 earnings per share. As a group, equities analysts anticipate that AvalonBay Communities, Inc. will post 11.28 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 103.19%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wolfe Research upgraded shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 target price for the company in a report on Monday, June 1st. Truist Financial upped their price target on AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Barclays lowered their price target on AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AvalonBay Communities in a research note on Wednesday, April 8th. Finally, UBS Group cut their price objective on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $195.13.

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.