SteelPeak Wealth LLC Purchases New Position in AvalonBay Communities, Inc. (NYSE:AVB)

SteelPeak Wealth LLC acquired a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,616 shares of the real estate investment trust's stock, valued at approximately $1,801,000.

A number of other large investors have also recently bought and sold shares of AVB. Norges Bank acquired a new position in shares of AvalonBay Communities during the 4th quarter worth $1,271,756,000. Deutsche Bank AG lifted its holdings in shares of AvalonBay Communities by 6.5% in the third quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust's stock worth $428,778,000 after acquiring an additional 151,995 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of AvalonBay Communities by 17.4% in the third quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust's stock worth $394,690,000 after acquiring an additional 341,332 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of AvalonBay Communities by 1.4% in the 4th quarter. Clearbridge Investments LLC now owns 1,838,702 shares of the real estate investment trust's stock valued at $344,242,000 after purchasing an additional 25,625 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of AvalonBay Communities by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,513,327 shares of the real estate investment trust's stock valued at $283,325,000 after purchasing an additional 39,348 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Trading Down 1.3 %

Shares of AvalonBay Communities stock traded down $2.62 on Monday, reaching $204.27. 688,177 shares of the company's stock were exchanged, compared to its average volume of 746,290. The company has a market capitalization of $29.05 billion, a P/E ratio of 30.49, a price-to-earnings-growth ratio of 3.02 and a beta of 0.96. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $208.45. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.07. The firm's 50-day moving average is $196.75 and its two-hundred day moving average is $186.91.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($1.42). AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. The firm had revenue of $712.86 million during the quarter, compared to the consensus estimate of $706.61 million. During the same quarter in the previous year, the company posted $2.57 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 10.92 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.33%. AvalonBay Communities's dividend payout ratio is presently 101.19%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVB. Argus raised their target price on shares of AvalonBay Communities from $188.00 to $212.00 and gave the company a "buy" rating in a research report on Tuesday, April 30th. Royal Bank of Canada boosted their price objective on AvalonBay Communities from $191.00 to $196.00 and gave the stock a "sector perform" rating in a research report on Monday, April 29th. Piper Sandler lifted their price target on AvalonBay Communities from $207.00 to $230.00 and gave the company an "overweight" rating in a research note on Monday, April 29th. UBS Group upped their price objective on AvalonBay Communities from $199.00 to $210.00 and gave the company a "neutral" rating in a research note on Tuesday, May 14th. Finally, Evercore ISI downgraded shares of AvalonBay Communities from an "outperform" rating to an "inline" rating and set a $202.00 target price on the stock. in a research report on Monday, May 13th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $206.89.

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.