Zurcher Kantonalbank Zurich Cantonalbank Acquires 3,138 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 92,786 shares of the real estate investment trust's stock after purchasing an additional 3,138 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of AvalonBay Communities worth $20,900,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC bought a new stake in shares of AvalonBay Communities during the 3rd quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new position in shares of AvalonBay Communities during the 2nd quarter valued at $32,000. Brooklyn Investment Group purchased a new stake in AvalonBay Communities in the third quarter worth approximately $39,000. Versant Capital Management Inc increased its stake in shares of AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 169 shares during the period. Finally, Mather Group LLC. lifted its position in AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 56 shares during the period. Institutional investors own 92.61% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVB. Piper Sandler increased their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 2nd. BNP Paribas began coverage on AvalonBay Communities in a report on Wednesday, September 11th. They set an "outperform" rating and a $250.00 target price for the company. Royal Bank of Canada lowered their price objective on AvalonBay Communities from $234.00 to $233.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Wells Fargo & Company lifted their target price on AvalonBay Communities from $222.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, August 26th. Finally, Scotiabank reduced their price objective on shares of AvalonBay Communities from $244.00 to $241.00 and set a "sector perform" rating on the stock in a report on Thursday, November 14th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $226.88.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded down $2.46 during trading on Friday, hitting $235.35. The company had a trading volume of 616,785 shares, compared to its average volume of 720,194. 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 stock has a fifty day simple moving average of $226.85 and a two-hundred day simple moving average of $215.13. AvalonBay Communities, Inc. has a fifty-two week low of $169.37 and a fifty-two week high of $239.29. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of 32.18, a price-to-earnings-growth ratio of 3.47 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts' consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same quarter in the prior year, the company earned $2.66 EPS. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 2.89%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities's payout ratio is currently 93.02%.

Insider Buying and Selling at AvalonBay Communities

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

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.