Sumitomo Mitsui Trust Holdings Inc. Sells 74,919 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Sumitomo Mitsui Trust Holdings Inc. cut its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 7.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 903,288 shares of the real estate investment trust's stock after selling 74,919 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.64% of AvalonBay Communities worth $186,881,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities during the 2nd quarter worth $32,000. Versant Capital Management Inc raised its position in shares of AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 169 shares during the period. Byrne Asset Management LLC lifted its holdings in shares of AvalonBay Communities by 270.0% during the 1st quarter. Byrne Asset Management LLC now owns 185 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 135 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in shares of AvalonBay Communities in the 1st quarter valued at approximately $39,000. Finally, Pinnacle Bancorp Inc. increased its stake in AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust's stock worth $42,000 after purchasing an additional 75 shares in the last quarter. 92.61% of the stock is owned by institutional investors.

Insider Buying and Selling at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Keri A. Shea sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the transaction, the executive now owns 65,967 shares in the company, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company's stock.

AvalonBay Communities Stock Performance

Shares of AVB traded up $0.53 during midday trading on Friday, reaching $215.21. The stock had a trading volume of 1,603,170 shares, compared to its average volume of 729,457. The firm has a market cap of $30.60 billion, a PE ratio of 32.03, a P/E/G ratio of 3.09 and a beta of 0.96. The firm has a 50 day simple moving average of $205.57 and a 200-day simple moving average of $192.64. AvalonBay Communities, Inc. has a one year low of $160.45 and a one year high of $218.79. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The firm had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the business posted $2.66 earnings per share. As a group, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 10.97 EPS for the current year.

Wall Street Analyst Weigh In

AVB has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an "overweight" rating in a report on Tuesday, May 14th. Piper Sandler upped their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 2nd. Wells Fargo & Company lifted their price target on AvalonBay Communities from $210.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, June 27th. UBS Group upped their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the stock a "neutral" rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. increased their price objective on AvalonBay Communities from $194.00 to $212.00 and gave the stock a "neutral" rating in a report on Monday, June 17th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $211.12.

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.