BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $5.34 Million Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 12.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,721 shares of the real estate investment trust's stock after selling 3,479 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in AvalonBay Communities were worth $5,343,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Edgestream Partners L.P. raised its stake in AvalonBay Communities by 14.4% during the 3rd quarter. Edgestream Partners L.P. now owns 20,018 shares of the real estate investment trust's stock valued at $4,509,000 after purchasing an additional 2,513 shares during the period. Eventide Asset Management LLC grew its holdings in shares of AvalonBay Communities by 27.9% during the third quarter. Eventide Asset Management LLC now owns 152,408 shares of the real estate investment trust's stock valued at $34,330,000 after buying an additional 33,230 shares in the last quarter. Martingale Asset Management L P raised its position in AvalonBay Communities by 150.4% during the third quarter. Martingale Asset Management L P now owns 33,550 shares of the real estate investment trust's stock valued at $7,557,000 after buying an additional 20,149 shares during the period. Vinva Investment Management Ltd lifted its stake in AvalonBay Communities by 76.4% in the 3rd quarter. Vinva Investment Management Ltd now owns 9,969 shares of the real estate investment trust's stock worth $2,245,000 after acquiring an additional 4,318 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in AvalonBay Communities by 678.9% during the 3rd 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 during the period. Institutional investors and hedge funds own 92.61% of the company's stock.

Insider Activity

In related news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the sale, the director now directly owns 87,239 shares of the company's stock, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVB has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. Zelman & Associates upgraded shares of AvalonBay Communities to a "hold" rating in a report on Thursday, September 5th. Truist Financial increased their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the stock a "hold" rating in a report on Tuesday, August 27th. Wells Fargo & Company boosted their target price on AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, August 26th. Finally, Scotiabank cut their price target on 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. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $228.67.

AvalonBay Communities Stock Down 1.0 %

AvalonBay Communities stock traded down $2.35 during mid-day trading on Tuesday, hitting $228.45. 447,063 shares of the company's stock were exchanged, compared to its average volume of 581,699. 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 stock has a market cap of $32.49 billion, a P/E ratio of 31.25, a P/E/G ratio of 3.37 and a beta of 0.98. AvalonBay Communities, Inc. has a 1-year low of $169.37 and a 1-year high of $239.29. The stock has a 50 day moving average of $226.76 and a two-hundred day moving average of $215.81.

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 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 period in the prior year, the business posted $2.66 earnings per share. As a group, analysts anticipate that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 31st. 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.