CIBC Asset Management Inc Raises Position in AvalonBay Communities, Inc. $AVB

CIBC Asset Management Inc boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 23.2% in the fourth quarter, HoldingsChannel reports. The firm owned 72,073 shares of the real estate investment trust’s stock after purchasing an additional 13,553 shares during the period. CIBC Asset Management Inc’s holdings in AvalonBay Communities were worth $13,068,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVB. BOKF NA acquired a new position in shares of AvalonBay Communities in the 3rd quarter worth approximately $31,000. AlphaQuest LLC bought a new stake in shares of AvalonBay Communities during the 3rd quarter worth $33,000. Headlands Technologies LLC acquired a new stake in shares of AvalonBay Communities in the second quarter worth $36,000. Elyxium Wealth LLC acquired a new stake in shares of AvalonBay Communities in the fourth quarter worth $32,000. Finally, Fulcrum Asset Management LLP acquired a new stake in AvalonBay Communities during the third quarter valued at $37,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB opened at $189.72 on Friday. The company’s 50 day simple moving average is $177.59 and its 200 day simple moving average is $177.38. The stock has a market capitalization of $26.39 billion, a price-to-earnings ratio of 27.50, a price-to-earnings-growth ratio of 3.29 and a beta of 0.78. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $209.86.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Citigroup cut their target price on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Piper Sandler boosted their target price on AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Truist Financial dropped their price objective on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. UBS Group dropped their target price on shares of AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Finally, Barclays lowered their price objective on shares of AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $198.44.

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.