Lockheed Martin Investment Management Co. decreased its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 19.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,810 shares of the real estate investment trust’s stock after selling 3,860 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in AvalonBay Communities were worth $3,071,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of AVB. Blackstone Inc. raised its holdings in shares of AvalonBay Communities by 119.1% in the 1st quarter. Blackstone Inc. now owns 1,434,795 shares of the real estate investment trust’s stock valued at $356,360,000 after purchasing an additional 779,818 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of AvalonBay Communities by 57.1% in the 1st quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock valued at $531,516,000 after purchasing an additional 777,631 shares in the last quarter. Invesco Ltd. raised its holdings in shares of AvalonBay Communities by 22.6% in the 1st quarter. Invesco Ltd. now owns 3,361,719 shares of the real estate investment trust’s stock valued at $834,949,000 after purchasing an additional 618,955 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of AvalonBay Communities by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 22,760,053 shares of the real estate investment trust’s stock valued at $5,652,914,000 after purchasing an additional 390,568 shares in the last quarter. Finally, APG Asset Management US Inc. bought a new stake in shares of AvalonBay Communities in the 1st quarter valued at about $95,621,000. Institutional investors own 88.57% of the company’s stock.
Wall Street Analysts Forecast Growth
AVB has been the subject of several recent research reports. UBS Group boosted their price target on shares of AvalonBay Communities from $209.00 to $224.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Piper Sandler downgraded shares of AvalonBay Communities from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $189.00 to $160.00 in a research report on Monday, November 7th. Mizuho downgraded shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $220.00 to $170.00 in a research report on Thursday, November 10th. Colliers Securities cut their price objective on shares of AvalonBay Communities to $239.00 in a research report on Thursday, September 29th. Finally, Citigroup lifted their price objective on shares of AvalonBay Communities to $220.00 in a research report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, AvalonBay Communities has an average rating of “Hold” and an average target price of $225.47.
AvalonBay Communities Stock Performance
AvalonBay Communities Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be issued a $1.59 dividend. This represents a $6.36 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, December 29th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 72.36%.
AvalonBay Communities Profile
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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