Delta Investment Management LLC Invests $873,000 in AvalonBay Communities, Inc. (NYSE:AVB)

Delta Investment Management LLC purchased a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the 4th quarter, Holdings Channel reports. The fund purchased 4,662 shares of the real estate investment trust’s stock, valued at approximately $873,000.

Other institutional investors have also added to or reduced their stakes in the company. Castleview Partners LLC grew its holdings in shares of AvalonBay Communities by 1,542.9% during the third 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 during the last quarter. Arlington Trust Co LLC acquired a new position in AvalonBay Communities in the 4th quarter valued at approximately $45,000. Lindbrook Capital LLC increased its position in AvalonBay Communities by 53.7% in the 3rd quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 109 shares during the period. Sandy Spring Bank raised its stake in shares of AvalonBay Communities by 4,428.6% during the third quarter. Sandy Spring Bank now owns 317 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 310 shares during the last quarter. Finally, Bear Mountain Capital Inc. acquired a new position in shares of AvalonBay Communities during the fourth quarter worth $66,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. KeyCorp reaffirmed a “sector weight” rating on shares of AvalonBay Communities in a research report on Friday, January 5th. Wolfe Research cut AvalonBay Communities from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 2nd. Mizuho cut their price objective on AvalonBay Communities from $188.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Truist Financial reduced their target price on AvalonBay Communities from $201.00 to $197.00 and set a “hold” rating on the stock in a report on Tuesday, April 9th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $185.00 price target on shares of AvalonBay Communities in a report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $196.78.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $191.45 on Friday. The firm has a market capitalization of $27.22 billion, a P/E ratio of 28.49, a P/E/G ratio of 3.56 and a beta of 0.92. The firm’s 50-day moving average price is $182.66 and its 200-day moving average price is $178.67. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.68. AvalonBay Communities, Inc. has a 1-year low of $160.45 and a 1-year high of $198.65.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). The firm had revenue of $704.71 million for the quarter, compared to analyst estimates of $701.67 million. AvalonBay Communities had a return on equity of 8.10% and a net margin of 34.05%. During the same period last year, the company posted $2.59 earnings per share. Equities research analysts anticipate that AvalonBay Communities, Inc. will post 10.84 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.55%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend was Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio is presently 101.19%.

Insider Buying and Selling

In other news, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction dated 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 transaction, the executive vice president now directly owns 21,907 shares in the company, valued at $4,054,985.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 value of $928,250.00. Following the completion of the sale, the chief financial officer now directly owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the transaction, the executive vice president now directly owns 21,907 shares in the company, valued at $4,054,985.70. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

AvalonBay Communities 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.