State of Michigan Retirement System Has $8.57 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

State of Michigan Retirement System boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 41,411 shares of the real estate investment trust’s stock after purchasing an additional 300 shares during the period. State of Michigan Retirement System’s holdings in AvalonBay Communities were worth $8,568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. &PARTNERS bought a new position in shares of AvalonBay Communities in the second quarter valued at about $1,538,000. Lasalle Investment Management Securities LLC lifted its position in AvalonBay Communities by 3.1% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 602,642 shares of the real estate investment trust’s stock worth $112,827,000 after acquiring an additional 18,320 shares during the last quarter. GSI Capital Advisors LLC boosted its holdings in shares of AvalonBay Communities by 21.3% during the fourth quarter. GSI Capital Advisors LLC now owns 50,774 shares of the real estate investment trust’s stock worth $9,506,000 after acquiring an additional 8,925 shares during the period. Van ECK Associates Corp grew its position in shares of AvalonBay Communities by 14.4% in the fourth quarter. Van ECK Associates Corp now owns 58,931 shares of the real estate investment trust’s stock valued at $11,033,000 after purchasing an additional 7,397 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of AvalonBay Communities by 9.2% during the fourth quarter. Hsbc Holdings PLC now owns 452,893 shares of the real estate investment trust’s stock worth $84,890,000 after purchasing an additional 38,235 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Argus upped their price objective on AvalonBay Communities from $188.00 to $212.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Wells Fargo & Company upped their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday. Piper Sandler lifted their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. increased their target price on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Finally, Mizuho lifted their price target on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $214.06.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $221.33 on Wednesday. The firm has a market cap of $31.47 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96. The firm’s fifty day moving average is $207.78 and its 200-day moving average is $194.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $222.97.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The business had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter last year, the firm posted $2.66 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 10.97 earnings per share for the current year.

Insider Activity at AvalonBay Communities

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

About AvalonBay Communities

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.