Allspring Global Investments Holdings LLC Sells 2,851 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Allspring Global Investments Holdings LLC trimmed its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 27.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,513 shares of the real estate investment trust's stock after selling 2,851 shares during the period. Allspring Global Investments Holdings LLC's holdings in AvalonBay Communities were worth $1,554,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities in the 2nd quarter worth approximately $32,000. Versant Capital Management Inc boosted its holdings in AvalonBay Communities by 1,877.8% in the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 169 shares in the last quarter. BROOKFIELD Corp ON purchased a new stake in shares of AvalonBay Communities in the first quarter worth $39,000. Pinnacle Bancorp Inc. increased its holdings in shares of AvalonBay Communities by 50.0% during the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust's stock valued at $42,000 after acquiring an additional 75 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of AvalonBay Communities by 38.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust's stock worth $54,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 92.61% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

AVB has been the topic of several recent analyst reports. Scotiabank increased their price objective on shares of AvalonBay Communities from $218.00 to $229.00 and gave the company a "sector perform" rating in a research report on Monday, August 26th. Morgan Stanley upped their price objective on AvalonBay Communities from $203.00 to $209.00 and gave the company an "overweight" rating in a research report on Tuesday, May 14th. UBS Group lifted their target price on AvalonBay Communities from $210.00 to $228.00 and gave the stock a "neutral" rating in a report on Thursday, July 18th. Evercore ISI upped their price target on AvalonBay Communities from $216.00 to $223.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. Finally, Royal Bank of Canada lifted their price objective on AvalonBay Communities from $207.00 to $214.00 and gave the stock a "sector perform" rating in a report on Friday, August 2nd. Twelve 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.com, the company currently has an average rating of "Hold" and a consensus target price of $214.47.

AvalonBay Communities Stock Performance

Shares of NYSE:AVB traded down $0.02 during mid-day trading on Wednesday, reaching $227.12. 674,583 shares of the company traded hands, compared to its average volume of 717,060. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $230.04. The firm has a market cap of $32.30 billion, a PE ratio of 33.80, a PEG ratio of 3.35 and a beta of 0.96. The company's 50 day moving average price is $210.75 and its 200-day moving average price is $196.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03.

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 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 firm had revenue of $726.04 million during the quarter, compared to analysts' expectations of $718.49 million. During the same period last year, the company earned $2.66 earnings per share. On average, equities analysts expect that AvalonBay Communities, Inc. will post 11 EPS for the current fiscal 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.