National Bank of Canada FI Purchases 39,765 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

National Bank of Canada FI boosted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 55.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,977 shares of the real estate investment trust's stock after purchasing an additional 39,765 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of AvalonBay Communities worth $22,673,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Truist Financial Corp increased its holdings in shares of AvalonBay Communities by 22.9% in the 4th quarter. Truist Financial Corp now owns 8,016 shares of the real estate investment trust's stock worth $1,501,000 after acquiring an additional 1,494 shares during the period. Private Advisor Group LLC raised its holdings in shares of AvalonBay Communities by 12.0% during the fourth quarter. Private Advisor Group LLC now owns 2,031 shares of the real estate investment trust's stock valued at $380,000 after buying an additional 217 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of AvalonBay Communities during the fourth quarter worth approximately $137,000. Lebenthal Global Advisors LLC bought a new position in AvalonBay Communities in the 4th quarter worth approximately $231,000. Finally, Thompson Siegel & Walmsley LLC grew its holdings in AvalonBay Communities by 25.2% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 42,700 shares of the real estate investment trust's stock worth $7,994,000 after buying an additional 8,600 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

Insider Activity at AvalonBay Communities

In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the business's 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 completion of 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 document filed with the SEC, which is available at this link. In other news, 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 transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the company'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 completion of the sale, the senior vice president now owns 4,383 shares of the company's stock, valued at $908,026.11. The disclosure for this sale can be found here. Insiders own 0.42% of the company's stock.

AvalonBay Communities Stock Down 1.3 %

Shares of AvalonBay Communities stock traded down $2.92 during midday trading on Friday, hitting $223.60. The company's stock had a trading volume of 1,865,900 shares, compared to its average volume of 722,278. AvalonBay Communities, Inc. has a 1-year low of $160.45 and a 1-year 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 firm has a market capitalization of $31.79 billion, a P/E ratio of 33.27, a PEG ratio of 3.35 and a beta of 0.97. The stock has a 50-day simple moving average of $211.49 and a 200-day simple moving average of $197.49.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings results 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 quarter in the prior year, the business posted $2.66 earnings per share. As a group, sell-side analysts expect that AvalonBay Communities, Inc. will post 11 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVB. Piper Sandler boosted their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, August 26th. Mizuho boosted their price target 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. Evercore ISI increased their price target on AvalonBay Communities from $216.00 to $223.00 and gave the company an "in-line" rating in a research note on Wednesday, August 28th. Finally, JPMorgan Chase & Co. lifted their target price on AvalonBay Communities from $194.00 to $212.00 and gave the stock a "neutral" rating in a report on Monday, June 17th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $214.47.

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.