Sumitomo Mitsui Trust Group Inc. Lowers Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Sumitomo Mitsui Trust Group Inc. trimmed its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 0.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 896,072 shares of the real estate investment trust's stock after selling 7,216 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.63% of AvalonBay Communities worth $201,840,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVB. &PARTNERS acquired a new stake in shares of AvalonBay Communities during the second quarter worth about $1,538,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in 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 purchased a new position in AvalonBay Communities in the first quarter valued at $4,532,000. Diversified Trust Co acquired a new position in shares of AvalonBay Communities in the second quarter worth about $1,139,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of AvalonBay Communities by 10.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 100,334 shares of the real estate investment trust's stock worth $18,338,000 after acquiring an additional 9,125 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Trading Up 1.3 %

Shares of AVB stock traded up $2.90 on Wednesday, hitting $233.11. 483,556 shares of the stock traded hands, compared to its average volume of 727,136. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.03 and a current ratio of 2.03. AvalonBay Communities, Inc. has a twelve month low of $166.60 and a twelve month high of $236.26. The firm's 50-day moving average price is $226.11 and its two-hundred day moving average price is $211.90. The stock has a market capitalization of $33.15 billion, a PE ratio of 31.89, a PEG ratio of 3.36 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 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.10). The firm had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same quarter in the previous year, the firm earned $2.66 earnings per share. As a group, analysts anticipate that AvalonBay Communities, Inc. will post 11.04 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.70 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 2.92%. AvalonBay Communities's payout ratio is 93.02%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AVB shares. Evercore ISI lifted their price target 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. BNP Paribas began coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They issued an "outperform" rating and a $250.00 price objective for the company. UBS Group increased their target price on AvalonBay Communities from $210.00 to $228.00 and gave the company a "neutral" rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the stock a "neutral" rating in a research report on Monday, September 16th. Eleven equities research 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, the company has an average rating of "Hold" and a consensus target price of $227.06.

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.