AvalonBay Communities, Inc. (NYSE:AVB) Stake Boosted by QRG Capital Management Inc.

QRG Capital Management Inc. boosted its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 101.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,383 shares of the real estate investment trust's stock after acquiring an additional 8,234 shares during the quarter. QRG Capital Management Inc.'s holdings in AvalonBay Communities were worth $3,690,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Segment Wealth Management LLC raised its position in AvalonBay Communities by 4.6% in the third quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust's stock valued at $231,000 after purchasing an additional 45 shares during the period. SYSTM Wealth Solutions LLC increased its position in shares of AvalonBay Communities by 2.7% during the second quarter. SYSTM Wealth Solutions LLC now owns 1,855 shares of the real estate investment trust's stock worth $386,000 after acquiring an additional 49 shares during the last quarter. Patrick M Sweeney & Associates Inc. increased its position in shares of AvalonBay Communities by 4.1% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust's stock worth $286,000 after acquiring an additional 50 shares during the last quarter. Tectonic Advisors LLC increased its position in shares of AvalonBay Communities by 2.7% during the third quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust's stock worth $436,000 after acquiring an additional 50 shares during the last quarter. Finally, Mather Group LLC. increased its position in shares of AvalonBay Communities by 38.6% during the third 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 last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Price Performance

NYSE:AVB traded up $3.11 during midday trading on Thursday, hitting $228.04. 653,904 shares of the stock were exchanged, compared to its average volume of 729,934. AvalonBay Communities, Inc. has a one year low of $164.76 and a one year high of $236.26. The company has a market capitalization of $32.43 billion, a price-to-earnings ratio of 31.20, a P/E/G ratio of 3.33 and a beta of 0.97. The business has a 50-day moving average price of $225.66 and a two-hundred day moving average price of $210.60. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.87%. The company had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same period in the prior year, the company posted $2.66 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.01 EPS for the current year.

AvalonBay Communities Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BNP Paribas began coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an "outperform" rating and a $250.00 target price on the stock. Wells Fargo & Company lifted their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, August 26th. Scotiabank lifted 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. Deutsche Bank Aktiengesellschaft lifted their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. Finally, Evercore ISI lifted their target price on AvalonBay Communities from $225.00 to $229.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, AvalonBay Communities currently has a consensus rating of "Hold" and a consensus price target of $227.06.

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.