Michelson Medical Research Foundation Inc. Cuts Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Michelson Medical Research Foundation Inc. trimmed its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 60.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,330 shares of the real estate investment trust's stock after selling 25,170 shares during the period. AvalonBay Communities comprises approximately 2.6% of Michelson Medical Research Foundation Inc.'s holdings, making the stock its 16th biggest 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 hedge funds have also modified their holdings of the business. RPg Family Wealth Advisory LLC purchased a new stake in AvalonBay Communities in the 3rd quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities in the 2nd quarter worth $32,000. Brooklyn Investment Group bought a new stake in shares of AvalonBay Communities in the 3rd quarter worth about $39,000. Mather Group LLC. increased its position in shares of AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust's stock worth $45,000 after purchasing an additional 56 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in shares of AvalonBay Communities during the 3rd quarter valued at about $51,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Scotiabank reduced their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a "sector perform" rating for the company in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft increased their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. upped their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a "neutral" rating in a research report on Monday, September 16th. Royal Bank of Canada reduced their price target on shares of AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Evercore ISI upped their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $228.67.

Insider Buying and Selling at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 23,697 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the transaction, the director now owns 87,239 shares of the company's stock, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.48% of the company's stock.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock traded down $0.55 during mid-day trading on Wednesday, reaching $227.87. 444,466 shares of the stock were exchanged, compared to its average volume of 716,700. AvalonBay Communities, Inc. has a fifty-two week low of $169.37 and a fifty-two week high of $239.29. The firm has a 50-day simple moving average of $226.76 and a 200 day simple moving average of $215.81. 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 company has a market cap of $32.41 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 3.37 and a beta of 0.98.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same quarter last year, the business earned $2.66 earnings per share. On average, sell-side analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.98%. AvalonBay Communities's dividend payout ratio is currently 93.02%.

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.