Legacy Capital Wealth Partners LLC Takes Position in AvalonBay Communities, Inc. (NYSE:AVB)

Legacy Capital Wealth Partners LLC bought a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,541 shares of the real estate investment trust’s stock, valued at approximately $319,000.

Several other hedge funds have also recently made changes to their positions in AVB. Truist Financial Corp increased its stake in shares of AvalonBay Communities by 22.9% during the fourth quarter. Truist Financial Corp now owns 8,016 shares of the real estate investment trust’s stock valued at $1,501,000 after buying an additional 1,494 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new position in shares of AvalonBay Communities during the fourth quarter valued at approximately $387,000. Axxcess Wealth Management LLC grew its stake in AvalonBay Communities by 4.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 2,252 shares of the real estate investment trust’s stock worth $422,000 after purchasing an additional 91 shares during the period. Private Advisor Group LLC grew its stake in AvalonBay Communities by 12.0% in the fourth quarter. Private Advisor Group LLC now owns 2,031 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 217 shares during the period. Finally, Maryland State Retirement & Pension System grew its stake in AvalonBay Communities by 3.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 11,027 shares of the real estate investment trust’s stock worth $2,064,000 after purchasing an additional 358 shares during the period. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Mizuho upped their price target on AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Evercore ISI upped their price target on AvalonBay Communities from $216.00 to $223.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. UBS Group upped their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Scotiabank upped their price target on AvalonBay Communities from $218.00 to $229.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Wells Fargo & Company upped their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $214.47.

AvalonBay Communities Trading Down 0.0 %

Shares of NYSE:AVB opened at $227.12 on Thursday. The company has a market cap of $32.30 billion, a P/E ratio of 33.80, a PEG ratio of 3.35 and a beta of 0.96. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. AvalonBay Communities, Inc. has a 1 year low of $160.45 and a 1 year high of $230.04. The stock’s fifty day moving average price is $210.75 and its 200-day moving average price is $196.82.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The business had revenue of $726.04 million for the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the previous year, the company earned $2.66 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11 earnings per share for the current year.

Insider Activity

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

AvalonBay Communities 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.