AvalonBay Communities, Inc. (NYSE:AVB) Stake Cut by Michelson Medical Research Foundation Inc.

Michelson Medical Research Foundation Inc. decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 60.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,330 shares of the real estate investment trust’s stock after selling 25,170 shares during the period. AvalonBay Communities comprises about 2.6% of Michelson Medical Research Foundation Inc.’s portfolio, making the stock its 16th largest holding. Michelson Medical Research Foundation Inc.’s holdings in AvalonBay Communities were worth $3,678,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AVB. Investment Management Corp of Ontario grew its position in shares of AvalonBay Communities by 51.5% during the 3rd quarter. Investment Management Corp of Ontario now owns 4,704 shares of the real estate investment trust’s stock valued at $1,060,000 after buying an additional 1,600 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of AvalonBay Communities by 11.6% during the 3rd quarter. Janus Henderson Group PLC now owns 416,461 shares of the real estate investment trust’s stock worth $93,790,000 after purchasing an additional 43,206 shares during the period. Holocene Advisors LP bought a new stake in shares of AvalonBay Communities in the 3rd quarter worth approximately $3,750,000. Centiva Capital LP boosted its position in AvalonBay Communities by 36.7% during the 3rd quarter. Centiva Capital LP now owns 5,890 shares of the real estate investment trust’s stock valued at $1,327,000 after purchasing an additional 1,581 shares during the period. Finally, Ascent Group LLC bought a new position in AvalonBay Communities during the 3rd quarter worth $2,898,000. 92.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.48% of the stock is owned by corporate insiders.

AvalonBay Communities Stock Down 1.0 %

Shares of AvalonBay Communities stock opened at $228.45 on Wednesday. AvalonBay Communities, Inc. has a 1 year low of $169.37 and a 1 year high of $239.29. The company has a market cap of $32.49 billion, a P/E ratio of 31.25, a P/E/G ratio of 3.37 and a beta of 0.98. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $226.76 and a 200 day moving average price of $215.81.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The company had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the company earned $2.66 earnings per share. As a group, analysts expect that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Zelman & Associates raised shares of AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. BNP Paribas assumed coverage on AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Royal Bank of Canada lowered their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Scotiabank decreased their target price on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research report on Thursday, November 14th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $228.67.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.