Principal Financial Group Inc. Cuts Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Principal Financial Group Inc. reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,562,910 shares of the real estate investment trust's stock after selling 181,217 shares during the period. Principal Financial Group Inc. owned about 3.21% of AvalonBay Communities worth $1,027,789,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. &PARTNERS bought a new stake in AvalonBay Communities in the second quarter valued at $1,538,000. Sheets Smith Wealth Management purchased a new position in shares of AvalonBay Communities during the first quarter valued at about $768,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of AvalonBay Communities by 14.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,952 shares of the real estate investment trust's stock valued at $6,115,000 after buying an additional 4,138 shares during the period. Swedbank AB bought a new position in AvalonBay Communities in the first quarter worth about $4,532,000. Finally, Diversified Trust Co purchased a new stake in AvalonBay Communities in the second quarter worth about $1,139,000. 92.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVB shares. Royal Bank of Canada reduced their target price on AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating on the stock in a report on Wednesday. Scotiabank upped their price target on AvalonBay Communities from $229.00 to $244.00 and gave the stock a "sector perform" rating in a research note on Monday, September 16th. Evercore ISI raised their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an "in-line" rating in a research report on Monday, September 16th. Piper Sandler upped their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $227.06.

AvalonBay Communities Stock Performance

Shares of AVB stock traded up $3.14 during trading hours on Thursday, reaching $228.07. The company had a trading volume of 336,123 shares, compared to its average volume of 728,458. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. AvalonBay Communities, Inc. has a one year low of $164.76 and a one year high of $236.26. The firm has a market cap of $32.44 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. The business has a fifty day moving average price of $225.66 and a 200-day moving average price of $210.60.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.71 by ($0.10). The firm had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the prior year, the firm earned $2.66 earnings per share. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Monday, September 30th. AvalonBay Communities's payout ratio is 93.02%.

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.