Resona Asset Management Co. Ltd. Trims Stake in AvalonBay Communities, Inc. $AVB

Resona Asset Management Co. Ltd. lowered its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 4.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,731 shares of the real estate investment trust’s stock after selling 3,390 shares during the quarter. Resona Asset Management Co. Ltd. owned about 0.06% of AvalonBay Communities worth $14,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its position in shares of AvalonBay Communities by 1.0% during the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust’s stock valued at $1,858,788,000 after buying an additional 92,467 shares during the period. Principal Financial Group Inc. increased its position in shares of AvalonBay Communities by 9.3% during the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock valued at $815,360,000 after buying an additional 383,983 shares during the period. JPMorgan Chase & Co. increased its position in shares of AvalonBay Communities by 6.3% during the third quarter. JPMorgan Chase & Co. now owns 4,215,821 shares of the real estate investment trust’s stock valued at $814,376,000 after buying an additional 249,171 shares during the period. Northern Trust Corp increased its position in shares of AvalonBay Communities by 3.5% during the third quarter. Northern Trust Corp now owns 2,982,468 shares of the real estate investment trust’s stock valued at $576,123,000 after buying an additional 100,212 shares during the period. Finally, Bank of America Corp DE increased its position in shares of AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after buying an additional 1,017,286 shares during the period. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AVB shares. Truist Financial reduced their price target on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Cantor Fitzgerald upped their price objective on shares of AvalonBay Communities from $186.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Morgan Stanley restated an “equal weight” rating and issued a $203.00 price objective (down from $208.00) on shares of AvalonBay Communities in a report on Thursday, March 26th. Finally, Scotiabank cut their price objective on shares of AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating on the stock in a report on Thursday, May 14th. Four analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $196.93.

AvalonBay Communities Price Performance

Shares of AVB opened at $186.45 on Thursday. The stock has a market cap of $25.94 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 3.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.62 and a current ratio of 0.62. AvalonBay Communities, Inc. has a fifty-two week low of $160.10 and a fifty-two week high of $209.86. The firm’s 50-day simple moving average is $173.29 and its two-hundred day simple moving average is $176.67.

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 for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). The business had revenue of $770.28 million during the quarter, compared to analysts’ expectations of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same quarter last year, the company posted $2.83 EPS. Analysts anticipate that AvalonBay Communities, Inc. will post 11.3 earnings per share for the current fiscal year.

About AvalonBay Communities

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.