Rhumbline Advisers Sells 6,257 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Rhumbline Advisers lessened its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,209 shares of the real estate investment trust's stock after selling 6,257 shares during the quarter. Rhumbline Advisers owned 0.21% of AvalonBay Communities worth $60,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions 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 increased its position 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 buying an additional 169 shares during the last quarter. BROOKFIELD Corp ON bought a new stake in shares of AvalonBay Communities in the first quarter valued at $39,000. Pinnacle Bancorp Inc. lifted its position in shares of AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in 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 acquiring an additional 73 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Keri A. Shea sold 2,000 shares of the company'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 transaction, the senior vice president now directly owns 4,383 shares of the company's stock, valued at $908,026.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CIO Matthew H. Birenbaum sold 5,000 shares of AvalonBay Communities stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the sale, 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 Securities & Exchange Commission, which is available at the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the business'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 transaction, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The disclosure for this sale can be found here. Insiders own 0.42% of the company's stock.

AvalonBay Communities Trading Down 0.3 %

Shares of AVB traded down $0.64 during trading hours on Thursday, hitting $226.52. The company had a trading volume of 587,583 shares, compared to its average volume of 716,303. AvalonBay Communities, Inc. has a 52-week low of $160.45 and a 52-week high of $230.04. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock's 50 day moving average price is $210.75 and its 200 day moving average price is $196.82. The firm has a market cap of $32.21 billion, a P/E ratio of 33.65, a P/E/G ratio of 3.35 and a beta of 0.97.

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 for the quarter, missing analysts' consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The company had revenue of $726.04 million for the quarter, compared to analysts' expectations of $718.49 million. During the same period last year, the company posted $2.66 EPS. On average, research analysts predict that AvalonBay Communities, Inc. will post 11 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Evercore ISI upped their price objective on shares of AvalonBay Communities from $216.00 to $223.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. Royal Bank of Canada lifted their price objective 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. Wells Fargo & Company increased their target price on AvalonBay Communities from $222.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, August 26th. Piper Sandler lifted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 2nd. Finally, Scotiabank increased their price objective on AvalonBay Communities from $218.00 to $229.00 and gave the stock a "sector perform" rating in a report on Monday, August 26th. Twelve 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, AvalonBay Communities presently has an average rating of "Hold" and an average target price of $214.47.

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.