Eaton Vance Management Reduces Position in AvalonBay Communities, Inc. (NYSE:AVB)


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Eaton Vance Management reduced its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 2.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 230,235 shares of the real estate investment trust’s stock after selling 6,323 shares during the period. Eaton Vance Management’s holdings in AvalonBay Communities were worth $36,937,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Alpha DNA Investment Management LLC purchased a new position in AvalonBay Communities in the fourth quarter valued at $27,000. First Horizon Advisors Inc. purchased a new stake in AvalonBay Communities during the 4th quarter worth about $33,000. Tompkins Financial Corp acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $57,000. Vantage Consulting Group Inc purchased a new position in shares of AvalonBay Communities in the 4th quarter valued at about $67,000. Finally, Sowell Financial Services LLC raised its position in shares of AvalonBay Communities by 14.3% during the 4th quarter. Sowell Financial Services LLC now owns 615 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

AvalonBay Communities stock opened at $187.78 on Thursday. The stock has a 50 day moving average of $183.53 and a two-hundred day moving average of $166.02. AvalonBay Communities, Inc. has a twelve month low of $131.38 and a twelve month high of $195.46. The stock has a market capitalization of $26.20 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 16.32 and a beta of 0.97. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.71.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Monday, March 15th will be paid a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, March 30th. This is a boost from AvalonBay Communities’s previous quarterly dividend of $0.01. AvalonBay Communities’s dividend payout ratio is 68.09%.

Several brokerages have commented on AVB. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and issued a $162.00 price target (up from $160.00) on shares of AvalonBay Communities in a research note on Tuesday, March 30th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on shares of AvalonBay Communities from $160.00 to $165.00 in a research report on Tuesday, December 15th. TheStreet raised shares of AvalonBay Communities from a “c+” rating to a “b” rating in a research report on Wednesday, February 3rd. Wells Fargo & Company raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $160.00 to $185.00 in a report on Thursday, December 10th. Finally, BTIG Research boosted their target price on AvalonBay Communities from $200.00 to $206.00 and gave the company a “buy” rating in a report on Wednesday, March 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $177.25.

About AvalonBay Communities

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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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