Retirement Systems of Alabama Has $25.38 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

Retirement Systems of Alabama trimmed its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,685 shares of the real estate investment trust’s stock after selling 1,056 shares during the quarter. Retirement Systems of Alabama owned about 0.08% of AvalonBay Communities worth $25,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its stake in AvalonBay Communities by 2.2% in the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock valued at $2,097,971,000 after buying an additional 196,938 shares during the period. Geode Capital Management LLC increased its stake in shares of AvalonBay Communities by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,585,802 shares of the real estate investment trust’s stock valued at $805,113,000 after acquiring an additional 27,988 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of AvalonBay Communities by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock valued at $504,658,000 after acquiring an additional 78,800 shares during the period. Dimensional Fund Advisors LP boosted its stake in AvalonBay Communities by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock worth $429,145,000 after acquiring an additional 13,631 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AvalonBay Communities by 678.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock worth $386,315,000 after acquiring an additional 1,494,872 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This represents a 21.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

AVB has been the topic of several research reports. Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Scotiabank cut their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a report on Thursday, November 14th. BNP Paribas started coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective for the company. JPMorgan Chase & Co. upped their target price on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research report on Monday, September 16th. Finally, Truist Financial lifted their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and an average price target of $228.67.

AvalonBay Communities Stock Down 0.6 %

AvalonBay Communities stock opened at $226.45 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market cap of $32.21 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98. AvalonBay Communities, Inc. has a fifty-two week low of $169.37 and a fifty-two week high of $239.29. The firm’s 50-day simple moving average is $227.15 and its 200 day simple moving average is $217.23.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business 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 quarter in the previous year, the firm earned $2.66 EPS. Research analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

About AvalonBay Communities

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.