State Street Corp Buys 196,938 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

State Street Corp raised its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,245,028 shares of the real estate investment trust's stock after buying an additional 196,938 shares during the quarter. State Street Corp owned about 6.50% of AvalonBay Communities worth $2,097,971,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AVB. Stifel Financial Corp raised its stake in AvalonBay Communities by 10.4% in the third quarter. Stifel Financial Corp now owns 76,531 shares of the real estate investment trust's stock valued at $17,239,000 after purchasing an additional 7,195 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of AvalonBay Communities by 12.1% during the 3rd quarter. Quantinno Capital Management LP now owns 18,807 shares of the real estate investment trust's stock valued at $4,236,000 after buying an additional 2,035 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of AvalonBay Communities by 6.1% during the 3rd quarter. Royal London Asset Management Ltd. now owns 71,516 shares of the real estate investment trust's stock worth $16,109,000 after acquiring an additional 4,080 shares during the last quarter. Investment Management Corp of Ontario grew its position in AvalonBay Communities by 51.5% in the third quarter. Investment Management Corp of Ontario now owns 4,704 shares of the real estate investment trust's stock worth $1,060,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in AvalonBay Communities by 11.6% in the third quarter. Janus Henderson Group PLC now owns 416,461 shares of the real estate investment trust's stock valued at $93,790,000 after acquiring an additional 43,206 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Stock Performance

AvalonBay Communities stock traded down $0.26 during midday trading on Friday, reaching $226.14. 59,583 shares of the company traded hands, compared to its average volume of 713,175. The firm has a market capitalization of $32.17 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 3.34 and a beta of 0.98. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. AvalonBay Communities, Inc. has a 12 month low of $169.37 and a 12 month high of $239.29. The business has a 50 day moving average of $226.73 and a two-hundred day moving average of $215.97.

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 for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same quarter in the previous year, the business posted $2.66 earnings per share. As a group, research analysts predict that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.01%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities's dividend payout ratio is 93.02%.

Insiders Place Their Bets

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction on Wednesday, November 13th. The stock was 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 approximately $20,367,689.33. This represents a 21.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AVB shares. 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 cut their target price on AvalonBay Communities from $244.00 to $241.00 and set a "sector perform" rating for the company in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft lifted their price target 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. Evercore ISI upped their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Finally, Zelman & Associates upgraded shares of AvalonBay Communities to a "hold" rating in a research report on Thursday, September 5th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $228.67.

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.