Everhart Financial Group Inc. Buys New Position in AvalonBay Communities, Inc. (NYSE:AVB)

Everhart Financial Group Inc. purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,424 shares of the real estate investment trust’s stock, valued at approximately $295,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of AvalonBay Communities during the 4th quarter worth approximately $1,271,756,000. Cbre Investment Management Listed Real Assets LLC raised its stake in AvalonBay Communities by 70.8% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 835,133 shares of the real estate investment trust’s stock worth $156,354,000 after buying an additional 346,214 shares during the period. Heitman Real Estate Securities LLC boosted its holdings in AvalonBay Communities by 307.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 351,104 shares of the real estate investment trust’s stock worth $65,734,000 after acquiring an additional 264,923 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after acquiring an additional 249,400 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of AvalonBay Communities by 4,563.7% during the first quarter. SG Americas Securities LLC now owns 212,803 shares of the real estate investment trust’s stock worth $39,488,000 after purchasing an additional 208,240 shares during the period. Institutional investors own 92.61% of the company’s stock.

Insiders Place Their Bets

In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares in the company, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of AVB stock traded up $3.71 during trading on Friday, hitting $221.73. The company’s stock had a trading volume of 420,308 shares, compared to its average volume of 719,804. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $221.92. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71. The business has a fifty day moving average of $207.42 and a 200-day moving average of $193.90. The company has a market cap of $31.53 billion, a PE ratio of 33.00, a P/E/G ratio of 3.09 and a beta of 0.96.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.93). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The firm had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. During the same quarter in the previous year, the company posted $2.66 EPS. As a group, research analysts anticipate that AvalonBay Communities, Inc. will post 10.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of AvalonBay Communities from $210.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler boosted their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Truist Financial raised their price target on shares of AvalonBay Communities from $207.00 to $213.00 and gave the company a “hold” rating in a research report on Monday, June 24th. Evercore ISI cut their price target on AvalonBay Communities from $218.00 to $216.00 and set an “in-line” rating for the company in a research note on Monday, August 12th. Finally, Royal Bank of Canada boosted their price objective on AvalonBay Communities from $207.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $211.12.

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.