Portfolio Design Labs LLC Makes New Investment in AvalonBay Communities, Inc. (NYSE:AVB)

Portfolio Design Labs LLC bought a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 17,609 shares of the real estate investment trust's stock, valued at approximately $3,966,000. AvalonBay Communities accounts for approximately 1.1% of Portfolio Design Labs LLC's portfolio, making the stock its 18th biggest holding.

A number of other institutional investors have also modified their holdings of AVB. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities in the second quarter valued at approximately $32,000. Versant Capital Management Inc boosted its stake 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 valued at $37,000 after acquiring an additional 169 shares in the last quarter. BROOKFIELD Corp ON acquired a new stake in AvalonBay Communities in the first quarter valued at approximately $39,000. Mather Group LLC. boosted its stake in AvalonBay Communities by 38.6% in the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 56 shares in the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of AvalonBay Communities during the third quarter worth $51,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 0.5 %

AVB traded down $1.24 during trading hours on Wednesday, hitting $228.14. 421,930 shares of the company's stock were exchanged, compared to its average volume of 723,199. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $236.26. The firm has a 50 day moving average of $226.46 and a 200 day moving average of $213.28. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market cap of $32.45 billion, a P/E ratio of 31.38, a price-to-earnings-growth ratio of 3.35 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts' consensus estimates of $2.71 by ($0.10). The company had revenue of $734.31 million during the quarter, compared to analysts' expectations of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period last year, the business earned $2.66 earnings per share. Analysts predict that AvalonBay Communities, Inc. will post 11.04 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities's dividend payout ratio is currently 93.02%.

Insider Buying and Selling

In related news, Director Timothy J. Naughton sold 23,697 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now owns 87,239 shares in the company, valued at $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AVB. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a "neutral" rating in a research report on Monday, September 16th. Zelman & Associates upgraded shares of AvalonBay Communities to a "hold" rating in a research report on Thursday, September 5th. Truist Financial boosted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a "hold" rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada decreased their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, AvalonBay Communities presently has a consensus rating of "Hold" and an average price target of $226.88.

AvalonBay Communities Company 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.