Bamco Inc. NY Reduces Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Bamco Inc. NY lessened its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 48.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 177,611 shares of the real estate investment trust's stock after selling 169,553 shares during the period. Bamco Inc. NY owned about 0.12% of AvalonBay Communities worth $40,007,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVB. Charles Schwab Investment Management Inc. grew its stake 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 worth $504,658,000 after acquiring an additional 78,800 shares during the period. Dimensional Fund Advisors LP grew its holdings in AvalonBay Communities by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust's stock valued at $429,145,000 after buying an additional 13,631 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of AvalonBay Communities by 678.9% in 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 buying an additional 1,494,872 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of AvalonBay Communities by 11.9% in the second quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust's stock valued at $244,776,000 after acquiring an additional 126,055 shares during the period. Finally, American Century Companies Inc. grew its position in shares of AvalonBay Communities by 6.2% during the 2nd quarter. American Century Companies Inc. now owns 461,937 shares of the real estate investment trust's stock valued at $95,570,000 after purchasing an additional 26,859 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 0.9 %

NYSE:AVB traded down $1.99 on Tuesday, reaching $228.81. 71,859 shares of the stock traded hands, compared to its average volume of 717,094. The company's fifty day simple moving average is $226.85 and its 200 day simple moving average is $215.37. The company has a market capitalization of $32.55 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 3.44 and a beta of 0.98. AvalonBay Communities, Inc. has a 12 month low of $169.37 and a 12 month high of $239.29. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period in the previous year, the company earned $2.66 earnings per share. Equities analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.97%. AvalonBay Communities's dividend payout ratio (DPR) is currently 93.02%.

Insider Buying and Selling

In related news, Director Timothy J. Naughton sold 2,261 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the sale, the director now directly owns 111,436 shares of the company's stock, valued at approximately $26,051,508.08. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVB has been the topic of several research analyst reports. Royal Bank of Canada decreased their price objective on shares of AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating on the stock in a research report on Wednesday, November 6th. Truist Financial raised their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the company a "hold" rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. boosted their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a "neutral" rating in a report on Monday, September 16th. Zelman & Associates raised AvalonBay Communities to a "hold" rating in a research note on Thursday, September 5th. Finally, Wells Fargo & Company raised their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, August 26th. Eleven equities 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 currently has an average rating of "Hold" and an average target price of $228.67.

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.