Retirement Systems of Alabama Trims Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Retirement Systems of Alabama lessened its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 113,741 shares of the real estate investment trust's stock after selling 2,729 shares during the period. Retirement Systems of Alabama owned about 0.08% of AvalonBay Communities worth $23,532,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Quotient Wealth Partners LLC raised its stake in shares of AvalonBay Communities by 123.4% during the 2nd quarter. Quotient Wealth Partners LLC now owns 2,750 shares of the real estate investment trust's stock worth $569,000 after purchasing an additional 1,519 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. grew its stake in shares of AvalonBay Communities by 24.0% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 181,493 shares of the real estate investment trust's stock valued at $37,549,000 after buying an additional 35,077 shares in the last quarter. Lebenthal Global Advisors LLC increased its holdings in AvalonBay Communities by 15.5% during the second quarter. Lebenthal Global Advisors LLC now owns 1,593 shares of the real estate investment trust's stock worth $330,000 after buying an additional 214 shares during the last quarter. Everhart Financial Group Inc. bought a new stake in AvalonBay Communities during the second quarter worth $295,000. Finally, Premier Path Wealth Partners LLC acquired a new stake in AvalonBay Communities in the second quarter valued at $226,000. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on AVB. JPMorgan Chase & Co. boosted their price objective on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a "neutral" rating in a research note on Monday, June 17th. Scotiabank upped their price objective on AvalonBay Communities from $213.00 to $218.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 7th. Evercore ISI reduced their target price on AvalonBay Communities from $218.00 to $216.00 and set an "in-line" rating for the company in a research note on Monday, August 12th. UBS Group raised their price target on AvalonBay Communities from $210.00 to $228.00 and gave the company a "neutral" rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company lifted their price target on AvalonBay Communities from $210.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, June 27th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $211.12.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive now owns 65,967 shares of the company's stock, valued at approximately $13,780,506.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now directly owns 65,967 shares of the company's stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

AvalonBay Communities Price Performance

NYSE AVB traded up $3.71 during trading on Friday, hitting $221.73. 420,308 shares of the company's stock were exchanged, compared to its average volume of 719,804. The company has a market cap of $31.53 billion, a PE ratio of 33.00, a P/E/G ratio of 3.09 and a beta of 0.96. 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, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $221.92. The stock's 50 day moving average price is $207.42 and its two-hundred day moving average price is $194.05.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The company had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. During the same quarter in the prior year, the company earned $2.66 earnings per share. Research analysts expect that AvalonBay Communities, Inc. will post 10.97 EPS for the current year.

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.