Bank of New York Mellon Corp Cuts Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Bank of New York Mellon Corp cut its position in AvalonBay Communities, Inc. (NYSE:AVB) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 983,481 shares of the real estate investment trust’s stock after selling 3,446 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.69% of AvalonBay Communities worth $216,336,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $26,000. Brooklyn Investment Group acquired a new position in shares of AvalonBay Communities during the third quarter worth $39,000. Prospera Private Wealth LLC acquired a new position in shares of AvalonBay Communities during the third quarter worth $51,000. Catalyst Capital Advisors LLC lifted its holdings in shares of AvalonBay Communities by 312.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 275 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of AvalonBay Communities by 59.9% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 478 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 179 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

NYSE AVB opened at $222.93 on Friday. The firm has a market capitalization of $31.71 billion, a P/E ratio of 29.37, a PEG ratio of 3.11 and a beta of 1.00. The stock has a 50-day simple moving average of $218.71 and a two-hundred day simple moving average of $223.23. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.64 and a current ratio of 1.64. AvalonBay Communities, Inc. has a fifty-two week low of $172.85 and a fifty-two week high of $239.29.

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

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $1.75 per share. The ex-dividend date is Monday, March 31st. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a yield of 3.14%. AvalonBay Communities’s dividend payout ratio is 92.23%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AVB shares. Scotiabank reduced their target price on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 14th. Evercore ISI increased their price objective on shares of AvalonBay Communities from $230.00 to $240.00 and gave the company an “in-line” rating in a research report on Monday, February 10th. Barclays dropped their target price on shares of AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Piper Sandler decreased their price target on shares of AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating for the company in a report on Tuesday, February 11th. Finally, Mizuho upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $239.00 to $242.00 in a research note on Monday, January 6th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $238.64.

AvalonBay Communities Company Profile

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.