iA Global Asset Management Inc. Makes New Investment in AvalonBay Communities, Inc. (NYSE:AVB)

iA Global Asset Management Inc. purchased a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,093 shares of the real estate investment trust's stock, valued at approximately $922,000.

Other hedge funds have also added to or reduced their stakes in the company. &PARTNERS bought a new stake in shares of AvalonBay Communities in the 2nd quarter valued at $1,538,000. American Assets Capital Advisers LLC acquired a new stake in shares of AvalonBay Communities in the 3rd quarter valued at about $1,014,000. Diversified Trust Co acquired a new stake in AvalonBay Communities in the second quarter valued at approximately $1,139,000. 1832 Asset Management L.P. lifted its holdings in shares of AvalonBay Communities by 5.6% in the 2nd quarter. 1832 Asset Management L.P. now owns 63,174 shares of the real estate investment trust's stock worth $13,070,000 after purchasing an additional 3,350 shares in the last quarter. Finally, KBC Group NV grew its position in AvalonBay Communities by 284.8% in the 3rd quarter. KBC Group NV now owns 146,429 shares of the real estate investment trust's stock valued at $32,983,000 after purchasing an additional 108,371 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the business's 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 transaction, the director now owns 87,239 shares in the company, valued at $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on AVB shares. Wells Fargo & Company boosted their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, August 26th. 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 for the company in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upped their target price on AvalonBay Communities from $212.00 to $247.00 and gave the company a "neutral" rating in a report on Monday, September 16th. Evercore ISI boosted their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the stock an "in-line" rating in a research report on Monday, September 16th. Finally, Scotiabank lowered their target price on AvalonBay Communities from $244.00 to $241.00 and set a "sector perform" rating on the stock in a research note on Thursday, November 14th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $228.67.

AvalonBay Communities Price Performance

AVB stock traded down $2.05 during mid-day trading on Tuesday, reaching $224.95. 620,077 shares of the company traded hands, compared to its average volume of 713,768. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $239.29. The company has a market capitalization of $32.00 billion, a P/E ratio of 30.79, a P/E/G ratio of 3.31 and a beta of 0.98. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The company has a fifty day moving average price of $226.79 and a 200-day moving average price of $216.66.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released 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 firm had revenue of $734.31 million during 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 in the previous year, the company posted $2.66 EPS. As a group, analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 3.02%. AvalonBay Communities's dividend payout ratio (DPR) is presently 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.