State of New Jersey Common Pension Fund D Raises Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

State of New Jersey Common Pension Fund D lifted its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 6.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,550 shares of the real estate investment trust's stock after acquiring an additional 5,000 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of AvalonBay Communities worth $18,144,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Empowered Funds LLC grew its position in shares of AvalonBay Communities by 24.2% during the 1st quarter. Empowered Funds LLC now owns 1,831 shares of the real estate investment trust's stock valued at $340,000 after acquiring an additional 357 shares during the period. Tectonic Advisors LLC lifted its position in shares of AvalonBay Communities by 15.0% during the 1st quarter. Tectonic Advisors LLC now owns 1,733 shares of the real estate investment trust's stock valued at $322,000 after buying an additional 226 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of AvalonBay Communities during the 1st quarter worth $5,172,000. Sei Investments Co. grew its stake in shares of AvalonBay Communities by 2.2% during the 1st quarter. Sei Investments Co. now owns 268,461 shares of the real estate investment trust's stock worth $49,816,000 after acquiring an additional 5,786 shares during the period. Finally, Headlands Technologies LLC increased its holdings in AvalonBay Communities by 774.0% in the 1st quarter. Headlands Technologies LLC now owns 874 shares of the real estate investment trust's stock worth $162,000 after acquiring an additional 774 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded up $5.71 during mid-day trading on Friday, reaching $233.75. 782,641 shares of the company were exchanged, compared to its average volume of 691,283. AvalonBay Communities, Inc. has a 52 week low of $164.76 and a 52 week high of $236.26. The company's 50 day moving average price is $225.92 and its 200 day moving average price is $211.20. The stock has a market capitalization of $33.24 billion, a PE ratio of 31.98, a PEG ratio of 3.41 and a beta of 0.97. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). The firm had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the firm earned $2.66 EPS. Sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date was Monday, September 30th. AvalonBay Communities's payout ratio is currently 93.02%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVB. Zelman & Associates upgraded shares of AvalonBay Communities to a "hold" rating in a research report on Thursday, September 5th. Evercore ISI raised their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Scotiabank boosted their target price on shares of AvalonBay Communities from $229.00 to $244.00 and gave the company a "sector perform" rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lifted their price target on AvalonBay Communities from $212.00 to $247.00 and gave the company a "neutral" rating in a research report on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $227.06.

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.