Eventide Asset Management LLC Raises Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Eventide Asset Management LLC grew its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 27.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 152,408 shares of the real estate investment trust's stock after purchasing an additional 33,230 shares during the quarter. Eventide Asset Management LLC owned approximately 0.11% of AvalonBay Communities worth $34,330,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AVB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 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. Daiwa Securities Group Inc. raised its position in shares of AvalonBay Communities by 487.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust's stock worth $74,372,000 after acquiring an additional 298,322 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of AvalonBay Communities in the 3rd quarter worth $581,960,000. SG Americas Securities LLC lifted its stake in shares of AvalonBay Communities by 958.9% during the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust's stock worth $38,882,000 after purchasing an additional 156,316 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new stake in AvalonBay Communities during the third quarter valued at about $29,256,000. Hedge funds and other institutional investors own 92.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AVB. Truist Financial increased 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. BNP Paribas assumed coverage on shares of AvalonBay Communities in a research note on Wednesday, September 11th. They issued an "outperform" rating and a $250.00 target price for the company. Scotiabank cut their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a "sector perform" rating on the stock in a report on Thursday, November 14th. JPMorgan Chase & Co. raised their price objective 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, Deutsche Bank Aktiengesellschaft boosted their target price on AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $226.88.

Insiders Place Their Bets

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were 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 in the company, valued at approximately $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.42% of the company's stock.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB traded down $2.46 during midday trading on Friday, reaching $235.35. The company's stock had a trading volume of 616,785 shares, compared to its average volume of 720,194. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a fifty day moving average of $226.85 and a 200 day moving average of $215.26. AvalonBay Communities, Inc. has a twelve month low of $169.37 and a twelve month high of $239.29. The firm has a market capitalization of $33.48 billion, a PE ratio of 32.20, a P/E/G ratio of 3.47 and a beta of 0.97.

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 for the quarter, missing the consensus estimate of $2.71 by ($0.10). The company had revenue of $734.31 million for the quarter, compared to analyst estimates 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 in the prior year, the business posted $2.66 earnings per share. On average, equities analysts expect that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared 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. This represents a $6.80 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities's 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.