abrdn plc Buys 44,564 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

abrdn plc grew its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 15.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 327,967 shares of the real estate investment trust's stock after purchasing an additional 44,564 shares during the period. abrdn plc owned approximately 0.23% of AvalonBay Communities worth $73,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of AvalonBay Communities in the second quarter valued at $32,000. Versant Capital Management Inc lifted its stake in AvalonBay Communities by 1,877.8% in the 2nd 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. Mather Group LLC. boosted its position in AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust's stock worth $45,000 after acquiring an additional 56 shares during the period. BROOKFIELD Corp ON purchased a new position in AvalonBay Communities during the 1st quarter valued at about $39,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings 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 valued at $54,000 after purchasing an additional 73 shares during the period. Institutional investors and hedge funds own 92.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial raised their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a "hold" rating in a report on Tuesday, August 27th. Wells Fargo & Company boosted their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, August 26th. Scotiabank increased their price objective on AvalonBay Communities from $229.00 to $244.00 and gave the stock a "sector perform" rating in a report on Monday, September 16th. Piper Sandler raised their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Finally, UBS Group raised their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the company a "neutral" rating in a research note on Thursday, July 18th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $225.88.

Insiders Place Their Bets

In other 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 value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction on 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 sale, the senior vice president now directly owns 4,383 shares of the company's stock, valued at approximately $908,026.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the 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 completion of the transaction, the executive now directly owns 65,967 shares in the company, valued at approximately $13,780,506.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

AvalonBay Communities Stock Performance

NYSE AVB traded up $0.14 during trading on Wednesday, reaching $227.76. The company's stock had a trading volume of 654,343 shares, compared to its average volume of 724,797. The firm has a 50 day moving average price of $225.59 and a 200 day moving average price of $209.20. AvalonBay Communities, Inc. has a 12 month low of $161.85 and a 12 month high of $236.26. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $32.39 billion, a price-to-earnings ratio of 38.54, a price-to-earnings-growth ratio of 3.33 and a beta of 0.97.

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 earnings per share for the quarter, missing analysts' consensus estimates of $2.71 by ($0.93). The company had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the previous year, the business posted $2.66 earnings per share. As a group, equities analysts anticipate that AvalonBay Communities, Inc. will post 11.01 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend was Monday, September 30th. AvalonBay Communities's dividend payout ratio (DPR) is currently 115.06%.

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.