AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 8.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,205 shares of the real estate investment trust’s stock after selling 375 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in AvalonBay Communities were worth $947,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Daiwa Securities Group Inc. increased its stake in AvalonBay Communities by 487.8% in the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after purchasing an additional 298,322 shares during the period. International Assets Investment Management LLC purchased a new position in shares of AvalonBay Communities during the third quarter worth about $581,960,000. Canada Pension Plan Investment Board increased its position in AvalonBay Communities by 14.4% in the 1st 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 during the period. SG Americas Securities LLC raised its stake in AvalonBay Communities by 958.9% during the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after acquiring an additional 156,316 shares during the last quarter. Finally, Artemis Investment Management LLP acquired a new stake in AvalonBay Communities during the 3rd quarter worth approximately $29,256,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $229.41 on Monday. The company has a current ratio of 1.64, a quick ratio of 2.03 and a debt-to-equity ratio of 0.70. The stock has a market cap of $32.63 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 3.35 and a beta of 0.97. The company’s 50-day moving average price is $226.38 and its 200 day moving average price is $212.76. AvalonBay Communities, Inc. has a 52 week low of $166.60 and a 52 week high of $236.26.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million for the quarter, compared to analysts’ expectations of $731.67 million. During the same period last year, the business earned $2.66 earnings per share. As a group, research analysts forecast that AvalonBay Communities, Inc. will post 11.04 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.96%. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Analyst Ratings Changes

AVB has been the subject of several analyst reports. Evercore ISI upped their price target on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Royal Bank of Canada cut their price objective on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Scotiabank lowered their target price on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a report on Thursday. BNP Paribas started coverage on shares of AvalonBay Communities in a report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $226.88.

Insider Activity

In related news, Director Timothy J. Naughton sold 2,261 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $233.78, for a total value of $528,576.58. Following the completion of the transaction, the director now owns 111,436 shares of the company’s stock, valued at approximately $26,051,508.08. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.42% of the company’s stock.

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.