The Manufacturers Life Insurance Company Purchases 2,702 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

The Manufacturers Life Insurance Company grew its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,392 shares of the real estate investment trust's stock after purchasing an additional 2,702 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of AvalonBay Communities worth $25,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the business. Segment Wealth Management LLC boosted its holdings in shares of AvalonBay Communities by 4.6% during the 3rd quarter. Segment Wealth Management LLC now owns 1,025 shares of the real estate investment trust's stock worth $231,000 after buying an additional 45 shares in the last quarter. SYSTM Wealth Solutions LLC boosted its stake in 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 in the last quarter. Patrick M Sweeney & Associates Inc. boosted its stake in 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 in the last quarter. Tectonic Advisors LLC grew its holdings in AvalonBay Communities by 2.7% in the third quarter. Tectonic Advisors LLC now owns 1,934 shares of the real estate investment trust's stock worth $436,000 after purchasing an additional 50 shares during the period. Finally, OneDigital Investment Advisors LLC increased its stake in AvalonBay Communities by 4.6% in the third quarter. OneDigital Investment Advisors LLC now owns 1,244 shares of the real estate investment trust's stock valued at $280,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

AVB traded down $2.46 during trading hours on Friday, hitting $235.35. The stock had a trading volume of 616,785 shares, compared to its average volume of 594,135. AvalonBay Communities, Inc. has a 1 year low of $169.37 and a 1 year high of $239.29. The company's fifty day simple moving average is $226.85 and its 200 day simple moving average is $215.37. The stock has a market cap of $33.48 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 3.44 and a beta of 0.97. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

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 business had revenue of $734.31 million during the quarter, compared to analysts' expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same quarter in the previous year, the business earned $2.66 EPS. Equities analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.89%. AvalonBay Communities's dividend payout ratio is currently 93.02%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AVB. Truist Financial increased their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a "hold" rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. raised their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a "neutral" rating in a research note on Monday, September 16th. Zelman & Associates raised shares of AvalonBay Communities to a "hold" rating in a research report on Thursday, September 5th. BNP Paribas assumed coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They issued an "outperform" rating and a $250.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $228.67.

Insiders Place Their Bets

In related news, Director Timothy J. Naughton sold 23,697 shares of the business's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.42% of the company's stock.

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.