Bank of New York Mellon Corp Acquires 126,055 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Bank of New York Mellon Corp raised its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 11.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,183,121 shares of the real estate investment trust's stock after acquiring an additional 126,055 shares during the quarter. Bank of New York Mellon Corp owned about 0.83% of AvalonBay Communities worth $244,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Trust N.A. grew its position in shares of AvalonBay Communities by 4.7% during the 2nd quarter. Raymond James Trust N.A. now owns 1,955 shares of the real estate investment trust's stock worth $404,000 after buying an additional 87 shares during the period. Family Firm Inc. bought a new position in AvalonBay Communities during the 2nd quarter worth approximately $166,000. Quotient Wealth Partners LLC lifted its stake in AvalonBay Communities by 123.4% in the second quarter. Quotient Wealth Partners LLC now owns 2,750 shares of the real estate investment trust's stock valued at $569,000 after buying an additional 1,519 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its stake in 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. Finally, Lebenthal Global Advisors LLC lifted its stake in AvalonBay Communities by 15.5% in the second quarter. Lebenthal Global Advisors LLC now owns 1,593 shares of the real estate investment trust's stock valued at $330,000 after buying an additional 214 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Trading Down 0.8 %

Shares of AvalonBay Communities stock traded down $1.82 on Monday, hitting $219.91. The stock had a trading volume of 455,968 shares, compared to its average volume of 718,195. The firm has a market capitalization of $31.27 billion, a P/E ratio of 32.72, a PEG ratio of 3.09 and a beta of 0.96. The stock has a 50 day moving average of $207.78 and a 200 day moving average of $194.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $222.97.

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

Insider Buying and Selling

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 transaction, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the firm's stock in a transaction 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 transaction, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the firm's stock in a transaction on 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 transaction, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Scotiabank lifted their price target on shares of AvalonBay Communities from $218.00 to $229.00 and gave the company a "sector perform" rating in a research note on Monday. Royal Bank of Canada lifted their price target on shares of AvalonBay Communities from $207.00 to $214.00 and gave the company a "sector perform" rating in a research note on Friday, August 2nd. Morgan Stanley lifted their price target on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an "overweight" rating in a research note on Tuesday, May 14th. Evercore ISI cut their price objective on shares of AvalonBay Communities from $218.00 to $216.00 and set an "in-line" rating on the stock in a research report on Monday, August 12th. Finally, Mizuho boosted their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the stock a "neutral" rating in a research report on Thursday, May 30th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, AvalonBay Communities has an average rating of "Hold" and an average price target of $213.06.

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.