Westpac Banking Corp Has $7.75 Million Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Westpac Banking Corp lowered its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 13.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,251 shares of the real estate investment trust's stock after selling 5,604 shares during the period. Westpac Banking Corp's holdings in AvalonBay Communities were worth $7,754,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Erste Asset Management GmbH acquired a new position in AvalonBay Communities during the third quarter worth $1,757,000. Benjamin Edwards Inc. lifted its stake in AvalonBay Communities by 203.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,210 shares of the real estate investment trust's stock valued at $1,399,000 after purchasing an additional 4,163 shares during the last quarter. Centiva Capital LP grew its holdings in AvalonBay Communities by 36.7% during the third quarter. Centiva Capital LP now owns 5,890 shares of the real estate investment trust's stock worth $1,327,000 after purchasing an additional 1,581 shares during the period. Holocene Advisors LP acquired a new position in AvalonBay Communities during the third quarter worth approximately $3,750,000. Finally, Janus Henderson Group PLC boosted its stake in shares of AvalonBay Communities by 11.6% during the 3rd quarter. Janus Henderson Group PLC now owns 416,461 shares of the real estate investment trust's stock worth $93,790,000 after acquiring an additional 43,206 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AVB shares. Evercore ISI boosted their price objective on AvalonBay Communities from $230.00 to $240.00 and gave the stock an "in-line" rating in a report on Monday, February 10th. BMO Capital Markets downgraded AvalonBay Communities from an "outperform" rating to a "market perform" rating and set a $220.00 price target on the stock. in a research report on Friday. Truist Financial lifted their price objective on AvalonBay Communities from $229.00 to $230.00 and gave the company a "hold" rating in a report on Monday, March 10th. Morgan Stanley downgraded AvalonBay Communities from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $236.00 to $223.00 in a research report on Friday, January 24th. Finally, Piper Sandler dropped their price target on AvalonBay Communities from $270.00 to $265.00 and set an "overweight" rating for the company in a research note on Tuesday, February 11th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, AvalonBay Communities presently has an average rating of "Moderate Buy" and an average price target of $237.40.

AvalonBay Communities Trading Up 2.2 %

NYSE AVB traded up $4.18 on Tuesday, hitting $192.99. The company's stock had a trading volume of 355,560 shares, compared to its average volume of 682,898. The company's 50-day moving average is $216.13 and its 200 day moving average is $221.27. The firm has a market cap of $27.45 billion, a PE ratio of 25.47, a PEG ratio of 3.11 and a beta of 0.86. AvalonBay Communities, Inc. has a 1-year low of $177.40 and a 1-year 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 0.68.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.75 dividend. This is a positive change from AvalonBay Communities's previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Monday, March 31st. AvalonBay Communities's dividend payout ratio is currently 92.23%.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.