DnB Asset Management AS Purchases 351 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

DnB Asset Management AS raised its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,385 shares of the real estate investment trust’s stock after acquiring an additional 351 shares during the quarter. DnB Asset Management AS’s holdings in AvalonBay Communities were worth $6,024,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of AvalonBay Communities during the 4th quarter valued at about $1,499,050,000. State Street Corp lifted its stake in AvalonBay Communities by 2.2% in the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock valued at $2,097,971,000 after buying an additional 196,938 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of AvalonBay Communities by 51.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 554,290 shares of the real estate investment trust’s stock worth $121,927,000 after buying an additional 188,906 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of AvalonBay Communities during the 4th quarter worth approximately $35,153,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of AvalonBay Communities during the 4th quarter worth approximately $23,513,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $213.50 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a 50-day moving average of $217.50 and a 200-day moving average of $222.39. AvalonBay Communities, Inc. has a one year low of $177.40 and a one year high of $239.29. The company has a market cap of $30.37 billion, a P/E ratio of 28.13, a P/E/G ratio of 3.11 and a beta of 1.00.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $2.80 EPS 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%. Equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. AvalonBay Communities’s dividend payout ratio is 92.23%.

Wall Street Analyst Weigh In

AVB has been the topic of several research analyst reports. Royal Bank of Canada increased their target price on shares of AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Evercore ISI raised their target price on AvalonBay Communities from $230.00 to $240.00 and gave the company an “in-line” rating in a research note on Monday, February 10th. Piper Sandler dropped their price target on AvalonBay Communities from $270.00 to $265.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 11th. Barclays reduced their price objective on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Finally, Zelman & Associates raised AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.