Verition Fund Management LLC Sells 6,167 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Verition Fund Management LLC lowered its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 12.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 41,600 shares of the real estate investment trust's stock after selling 6,167 shares during the period. Verition Fund Management LLC's holdings in AvalonBay Communities were worth $9,370,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of AvalonBay Communities by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust's stock worth $504,658,000 after acquiring an additional 78,800 shares during the period. Dimensional Fund Advisors LP raised its stake in AvalonBay Communities by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust's stock valued at $429,145,000 after purchasing an additional 13,631 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of AvalonBay Communities by 678.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust's stock worth $386,315,000 after acquiring an additional 1,494,872 shares during the period. Bank of New York Mellon Corp lifted its stake in AvalonBay Communities by 11.9% during the second quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust's stock worth $244,776,000 after purchasing an additional 126,055 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in AvalonBay Communities by 6.2% in the second quarter. American Century Companies Inc. now owns 461,937 shares of the real estate investment trust's stock valued at $95,570,000 after buying an additional 26,859 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Stock Down 1.0 %

NYSE:AVB traded down $2.46 during trading hours on Friday, reaching $235.35. The company had a trading volume of 616,785 shares, compared to its average volume of 594,135. AvalonBay Communities, Inc. has a twelve month low of $169.37 and a twelve month high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market cap of $33.48 billion, a price-to-earnings ratio of 32.20, a P/E/G ratio of 3.44 and a beta of 0.97. The business's 50-day simple moving average is $226.85 and its two-hundred day simple moving average is $215.37.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 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 8.84%. The firm had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the prior year, the business earned $2.66 earnings per share. On average, equities analysts expect 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 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities's dividend payout ratio is currently 93.02%.

Insider Activity at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the firm's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the transaction, the director now directly owns 87,239 shares of the company's stock, valued at approximately $20,367,689.33. This trade represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVB shares. 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 target price on the stock. Truist Financial raised their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a "hold" rating in a research note on Tuesday, August 27th. Royal Bank of Canada reduced their price objective on shares of AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating on the stock in a research note on Wednesday, November 6th. JPMorgan Chase & Co. lifted their target price on AvalonBay Communities from $212.00 to $247.00 and gave the stock a "neutral" rating in a report on Monday, September 16th. Finally, Scotiabank decreased their price target 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. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, AvalonBay Communities presently has a consensus rating of "Hold" and a consensus 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.