Jennison Associates LLC Lowers Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Jennison Associates LLC decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 7.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,918 shares of the real estate investment trust's stock after selling 10,485 shares during the period. Jennison Associates LLC owned 0.09% of AvalonBay Communities worth $28,363,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. &PARTNERS bought a new position in shares of AvalonBay Communities during the second quarter valued at approximately $1,538,000. Swedbank AB bought a new position in AvalonBay Communities in the 1st quarter worth $4,532,000. American Assets Capital Advisers LLC purchased a new stake in shares of AvalonBay Communities in the 3rd quarter worth about $1,014,000. Diversified Trust Co bought a new stake in shares of AvalonBay Communities during the 2nd quarter valued at about $1,139,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of AvalonBay Communities by 10.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 100,334 shares of the real estate investment trust's stock valued at $18,338,000 after buying an additional 9,125 shares during the period. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Stock Up 0.5 %

AVB traded up $1.16 during trading on Friday, hitting $231.79. 176,731 shares of the company's stock traded hands, compared to its average volume of 719,609. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $236.26. The company's 50 day simple moving average is $226.41 and its two-hundred day simple moving average is $213.51. 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 capitalization of $32.97 billion, a price-to-earnings ratio of 31.62, a PEG ratio of 3.35 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the previous year, the business posted $2.66 earnings per share. Analysts predict that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a yield of 2.93%. AvalonBay Communities's dividend payout ratio (DPR) is 93.02%.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares in the company, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AVB has been the subject of several research analyst reports. 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. 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. Royal Bank of Canada decreased their price objective on AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Wells Fargo & Company raised their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, August 26th. Finally, Scotiabank decreased their price target on shares of 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 equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $226.88.

AvalonBay Communities 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.