Cornerstone Advisors LLC Reduces Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Cornerstone Advisors LLC lowered its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 19.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,700 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. Cornerstone Advisors LLC’s holdings in AvalonBay Communities were worth $880,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Arlington Trust Co LLC purchased a new position in shares of AvalonBay Communities in the 4th quarter worth about $45,000. Bear Mountain Capital Inc. purchased a new position in shares of AvalonBay Communities during the fourth quarter worth approximately $66,000. Larson Financial Group LLC bought a new stake in shares of AvalonBay Communities in the 3rd quarter worth approximately $80,000. Blue Trust Inc. grew its holdings in shares of AvalonBay Communities by 139.6% during the 4th quarter. Blue Trust Inc. now owns 539 shares of the real estate investment trust’s stock valued at $92,000 after purchasing an additional 314 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in AvalonBay Communities by 29.6% in the third quarter. Allworth Financial LP now owns 565 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 129 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

Insider Activity

In related news, EVP Joanne M. Lockridge sold 1,750 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AvalonBay Communities news, EVP Joanne M. Lockridge sold 1,750 shares of the 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 sale, the executive vice president now owns 21,907 shares of the company’s stock, valued at approximately $4,054,985.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin P. O’shea sold 5,000 shares of the company’s 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 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 0.48% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on AVB shares. Evercore ISI downgraded AvalonBay Communities from an “outperform” rating to an “inline” rating and set a $202.00 price objective on the stock. in a report on Monday, May 13th. Scotiabank increased their price objective on AvalonBay Communities from $193.00 to $213.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Piper Sandler lifted their price target on shares of AvalonBay Communities from $207.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Finally, Barclays raised their target price on AvalonBay Communities from $204.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $202.83.

AvalonBay Communities Stock Up 0.5 %

Shares of AVB opened at $198.49 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The business has a fifty day moving average of $187.92 and a 200 day moving average of $181.69. The company has a market cap of $28.22 billion, a PE ratio of 29.54, a P/E/G ratio of 2.76 and a beta of 0.90. AvalonBay Communities, Inc. has a 52-week low of $160.45 and a 52-week high of $200.71.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. The company had revenue of $712.86 million during the quarter, compared to the consensus estimate of $706.61 million. During the same quarter in the prior year, the company earned $2.57 earnings per share. On average, sell-side analysts expect that AvalonBay Communities, Inc. will post 10.88 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, June 28th. AvalonBay Communities’s payout ratio is 101.19%.

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.