AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by West Coast Financial LLC

West Coast Financial LLC cut its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 17.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,415 shares of the real estate investment trust’s stock after selling 303 shares during the quarter. West Coast Financial LLC’s holdings in AvalonBay Communities were worth $319,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Daiwa Securities Group Inc. grew its position 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 worth $74,372,000 after buying an additional 298,322 shares during the last quarter. Heitman Real Estate Securities LLC raised its position in shares of AvalonBay Communities by 307.4% during 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 purchasing an additional 264,923 shares during the period. Canada Pension Plan Investment Board lifted 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 purchasing an additional 249,400 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of AvalonBay Communities by 4,563.7% in the 1st quarter. SG Americas Securities LLC now owns 212,803 shares of the real estate investment trust’s stock valued at $39,488,000 after purchasing an additional 208,240 shares during the period. Finally, Artemis Investment Management LLP purchased a new position in AvalonBay Communities in the 3rd quarter worth about $29,256,000. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Price Performance

Shares of NYSE:AVB traded up $1.36 during trading on Friday, reaching $218.26. The stock had a trading volume of 56,875 shares, compared to its average volume of 729,872. The stock has a market capitalization of $31.04 billion, a PE ratio of 36.71, a P/E/G ratio of 3.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $236.26. The business’s 50-day moving average price is $221.64 and its 200 day moving average price is $204.89.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter in the previous year, the firm posted $2.66 EPS. As a group, equities analysts predict that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, September 30th. AvalonBay Communities’s dividend payout ratio is currently 115.06%.

Insider Activity at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities 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 directly owns 4,383 shares of the company’s stock, valued at $908,026.11. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. UBS Group raised their target price on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. BNP Paribas began coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price target on the stock. Scotiabank upped their price objective on shares of AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Finally, Truist Financial boosted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. 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.com, the stock presently has an average rating of “Hold” and an average price target of $225.88.

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.