AvalonBay Communities, Inc. (NYSE:AVB) Shares Bought by Jennison Associates LLC

Jennison Associates LLC increased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 182.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143,037 shares of the real estate investment trust’s stock after buying an additional 92,463 shares during the quarter. Jennison Associates LLC’s holdings in AvalonBay Communities were worth $26,779,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVB. Wellington Management Group LLP grew its stake in shares of AvalonBay Communities by 17.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock worth $394,690,000 after purchasing an additional 341,332 shares during the period. Nordea Investment Management AB lifted its position in shares of AvalonBay Communities by 2,140.1% during the 4th quarter. Nordea Investment Management AB now owns 213,727 shares of the real estate investment trust’s stock valued at $40,347,000 after buying an additional 204,186 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of AvalonBay Communities by 118.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 318,026 shares of the real estate investment trust’s stock valued at $54,618,000 after buying an additional 172,418 shares in the last quarter. Deutsche Bank AG lifted its position in shares of AvalonBay Communities by 6.5% during the 3rd quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock valued at $428,778,000 after buying an additional 151,995 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of AvalonBay Communities by 5.9% during the 3rd quarter. Northern Trust Corp now owns 2,278,363 shares of the real estate investment trust’s stock valued at $391,286,000 after buying an additional 126,288 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of AVB opened at $191.34 on Thursday. The stock has a 50-day simple moving average of $182.10 and a 200-day simple moving average of $178.43. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $27.20 billion, a PE ratio of 29.21, a PEG ratio of 3.51 and a beta of 0.92. AvalonBay Communities, Inc. has a 1 year low of $160.45 and a 1 year high of $198.65.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.73 by ($1.03). The company had revenue of $704.71 million during the quarter, compared to analysts’ expectations of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same quarter in the previous year, the business posted $2.59 EPS. On average, analysts predict that AvalonBay Communities, Inc. will post 10.8 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $1.70 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date was Wednesday, March 27th. This represents a $6.80 annualized dividend and a yield of 3.55%. AvalonBay Communities’s payout ratio is presently 103.82%.

Insider Buying and Selling

In related news, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares in the company, valued at $5,812,330.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Kevin P. O’shea sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares in the company, valued at $5,812,330.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the sale, the executive vice president now owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVB. Deutsche Bank Aktiengesellschaft began coverage on AvalonBay Communities in a research report on Tuesday, January 30th. They set a “buy” rating and a $206.00 target price on the stock. Barclays upgraded AvalonBay Communities from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $194.00 to $204.00 in a report on Tuesday, February 20th. Piper Sandler reiterated an “overweight” rating and set a $207.00 price target on shares of AvalonBay Communities in a report on Tuesday, March 26th. The Goldman Sachs Group reiterated a “neutral” rating and set a $191.00 price target on shares of AvalonBay Communities in a report on Thursday, February 22nd. Finally, KeyCorp reissued a “sector weight” rating on shares of AvalonBay Communities in a research report on Friday, January 5th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $196.78.

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.