Texas Permanent School Fund lessened its position in AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 6.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 18,128 shares of the real estate investment trust’s stock after selling 1,148 shares during the period. Texas Permanent School Fund’s holdings in AvalonBay Communities were worth $4,502,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in AvalonBay Communities by 6.3% in the fourth quarter. BlackRock Inc. now owns 15,215,579 shares of the real estate investment trust’s stock valued at $3,843,305,000 after purchasing an additional 898,161 shares during the period. State Street Corp grew its stake in AvalonBay Communities by 7.6% during the fourth quarter. State Street Corp now owns 9,364,043 shares of the real estate investment trust’s stock worth $2,379,927,000 after buying an additional 658,377 shares during the period. Norges Bank purchased a new stake in AvalonBay Communities during the fourth quarter worth approximately $1,499,421,000. Geode Capital Management LLC grew its stake in AvalonBay Communities by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 2,917,649 shares of the real estate investment trust’s stock worth $735,258,000 after buying an additional 127,822 shares during the period. Finally, Deutsche Bank AG grew its stake in AvalonBay Communities by 9.0% during the fourth quarter. Deutsche Bank AG now owns 2,217,396 shares of the real estate investment trust’s stock worth $560,091,000 after buying an additional 182,680 shares during the period. 90.98% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on AVB shares. Evercore ISI set a $231.00 price objective on shares of AvalonBay Communities in a research note on Monday, June 20th. Jefferies Financial Group decreased their target price on shares of AvalonBay Communities from $214.00 to $174.00 and set a “hold” rating for the company in a research note on Thursday, June 30th. Barclays decreased their target price on shares of AvalonBay Communities from $263.00 to $229.00 in a research note on Tuesday, May 10th. KeyCorp decreased their target price on shares of AvalonBay Communities from $275.00 to $237.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. Finally, UBS Group upped their price target on shares of AvalonBay Communities from $209.00 to $224.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvalonBay Communities presently has an average rating of “Hold” and a consensus target price of $239.63.
AvalonBay Communities Stock Up 0.5 %
AvalonBay Communities (NYSE:AVB – Get Rating) last announced its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. The firm had revenue of $644.56 million during the quarter, compared to analyst estimates of $632.41 million. AvalonBay Communities had a net margin of 33.39% and a return on equity of 7.47%. AvalonBay Communities’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.98 EPS. As a group, sell-side analysts predict that AvalonBay Communities, Inc. will post 9.73 EPS for the current year.
AvalonBay Communities Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a $1.59 dividend. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $6.36 dividend on an annualized basis and a yield of 3.10%. AvalonBay Communities’s dividend payout ratio is presently 109.28%.
AvalonBay Communities Profile
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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