State of Alaska Department of Revenue Has $17.58 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

State of Alaska Department of Revenue lessened its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,742 shares of the real estate investment trust’s stock after selling 3,571 shares during the period. State of Alaska Department of Revenue owned approximately 0.07% of AvalonBay Communities worth $17,578,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Pinnacle Bancorp Inc. raised its position in shares of AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 75 shares during the last quarter. Arlington Trust Co LLC bought a new stake in shares of AvalonBay Communities in the fourth quarter valued at about $45,000. Bear Mountain Capital Inc. bought a new position in shares of AvalonBay Communities during the fourth quarter worth about $66,000. Sunbelt Securities Inc. bought a new stake in AvalonBay Communities in the 1st quarter valued at approximately $68,000. Finally, Gold Investment Management Ltd. acquired a new position in AvalonBay Communities during the 4th quarter worth approximately $71,000. 92.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVB has been the subject of a number of recent research reports. Argus increased their price objective on shares of AvalonBay Communities from $188.00 to $212.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Royal Bank of Canada lifted their target price on AvalonBay Communities from $191.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Monday, April 29th. Mizuho upped their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Morgan Stanley increased their price target on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Finally, Scotiabank boosted their price target 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. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $206.89.

AvalonBay Communities Stock Performance

Shares of AVB stock traded down $3.25 on Wednesday, hitting $200.95. 400,126 shares of the stock were exchanged, compared to its average volume of 744,427. AvalonBay Communities, Inc. has a one year low of $160.45 and a one year high of $208.45. The firm’s 50 day moving average is $197.41 and its two-hundred day moving average is $187.11. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $28.57 billion, a PE ratio of 30.32, a P/E/G ratio of 3.02 and a beta of 0.96.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $2.64 by ($1.42). The business had revenue of $712.86 million for the quarter, compared to analysts’ expectations of $706.61 million. AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. During the same quarter in the previous year, the firm earned $2.57 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 10.92 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $6.80 annualized dividend and a dividend yield of 3.38%. 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.