Jennison Associates LLC Has $26.78 Million Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Jennison Associates LLC boosted its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 182.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 143,037 shares of the real estate investment trust’s stock after buying an additional 92,463 shares during the period. Jennison Associates LLC owned approximately 0.10% of AvalonBay Communities worth $26,779,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. acquired a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $26,000. Ronald Blue Trust Inc. grew its position in shares of AvalonBay Communities by 316.7% during the 3rd quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 171 shares in the last quarter. Castleview Partners LLC grew its position in shares of AvalonBay Communities by 1,542.9% during the 3rd quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 216 shares in the last quarter. Arlington Trust Co LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter worth approximately $45,000. Finally, Lindbrook Capital LLC grew its position in shares of AvalonBay Communities by 53.7% during the 3rd quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust’s stock worth $54,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insider Activity

In other news, CFO Kevin P. O’shea sold 5,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the transaction, the chief financial officer now owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares in the company, valued at $4,054,985.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kevin P. O’shea sold 5,000 shares of the stock in a transaction 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 sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

AvalonBay Communities Price Performance

AVB stock opened at $191.34 on Thursday. The company has a fifty day moving average price of $182.10 and a 200-day moving average price of $178.43. The company has a market capitalization of $27.20 billion, a P/E ratio of 29.21, a PEG ratio of 3.51 and a beta of 0.92. AvalonBay Communities, Inc. has a 52-week low of $160.45 and a 52-week high of $198.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results 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 business had revenue of $704.71 million for the quarter, compared to the consensus estimate of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same period in the previous year, the business posted $2.59 EPS. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 10.8 EPS for the current year.

AvalonBay Communities Increases Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on AVB. Morgan Stanley upgraded shares of AvalonBay Communities from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $175.00 to $191.50 in a research report on Monday, February 26th. Mizuho reduced their price target on shares of AvalonBay Communities from $188.00 to $185.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Royal Bank of Canada reiterated a “sector perform” rating and set a $185.00 price target on shares of AvalonBay Communities in a research report on Friday, February 2nd. Barclays upgraded shares of AvalonBay Communities from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $194.00 to $204.00 in a research report on Tuesday, February 20th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $191.00 price target on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, AvalonBay Communities presently has a consensus 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.