9,600 Shares in AvalonBay Communities, Inc. (NYSE:AVB) Bought by Zimmer Partners LP

Zimmer Partners LP bought a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,600 shares of the real estate investment trust's stock, valued at approximately $2,162,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. iA Global Asset Management Inc. acquired a new position in shares of AvalonBay Communities during the 3rd quarter worth about $922,000. State Street Corp increased its position in AvalonBay Communities by 2.2% during the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust's stock worth $2,097,971,000 after buying an additional 196,938 shares during the last quarter. Stifel Financial Corp increased its position in AvalonBay Communities by 10.4% during the third quarter. Stifel Financial Corp now owns 76,531 shares of the real estate investment trust's stock worth $17,239,000 after buying an additional 7,195 shares during the last quarter. Quantinno Capital Management LP raised its stake in AvalonBay Communities by 12.1% in the third 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 during the period. Finally, Royal London Asset Management Ltd. lifted its position in shares of AvalonBay Communities by 6.1% in the third quarter. Royal London Asset Management Ltd. now owns 71,516 shares of the real estate investment trust's stock valued at $16,109,000 after buying an additional 4,080 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Timothy J. Naughton sold 2,261 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $233.78, for a total value of $528,576.58. Following the sale, the director now directly owns 111,436 shares of the company's stock, valued at $26,051,508.08. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.42% of the company's stock.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded up $0.15 during mid-day trading on Friday, reaching $226.55. The company had a trading volume of 383,291 shares, compared to its average volume of 544,950. AvalonBay Communities, Inc. has a one year low of $169.37 and a one year high of $239.29. The business's 50-day simple moving average is $226.75 and its 200 day simple moving average is $216.43. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The firm has a market cap of $32.22 billion, a price-to-earnings ratio of 30.99, a PEG ratio of 3.33 and a beta of 0.98.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released 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 the consensus estimate of $731.67 million. During the same period in the prior year, the business earned $2.66 earnings per share. On average, research analysts predict that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 3.00%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities's dividend payout ratio is presently 93.02%.

Wall Street Analyst Weigh In

AVB has been the topic of a number of recent analyst reports. Truist Financial boosted their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a "hold" rating in a report on Tuesday, August 27th. Wells Fargo & Company increased their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft raised their target price 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. Zelman & Associates upgraded shares of AvalonBay Communities to a "hold" rating in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. raised 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 given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $228.67.

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.