Procyon Advisors LLC Buys 456 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Procyon Advisors LLC grew its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,099 shares of the real estate investment trust’s stock after acquiring an additional 456 shares during the quarter. Procyon Advisors LLC’s holdings in AvalonBay Communities were worth $3,401,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in shares of AvalonBay Communities by 2.4% during the first quarter. Principal Financial Group Inc. now owns 4,759,095 shares of the real estate investment trust’s stock valued at $883,098,000 after purchasing an additional 109,585 shares in the last quarter. Dimensional Fund Advisors LP grew its position in AvalonBay Communities by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock worth $429,145,000 after purchasing an additional 13,631 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of AvalonBay Communities by 14.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after buying an additional 249,400 shares during the period. Clearbridge Investments LLC grew its stake in shares of AvalonBay Communities by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock valued at $342,824,000 after acquiring an additional 8,809 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after acquiring an additional 126,055 shares in the last quarter. 92.61% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the firm’s 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the business’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 transaction of $1,044,500.00. Following the completion of the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. 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 insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Scotiabank upped their target price 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. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Piper Sandler raised their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Evercore ISI boosted their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price target on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and an average target price of $225.88.

AvalonBay Communities Stock Up 1.3 %

NYSE AVB opened at $219.62 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $236.26. The business’s fifty day simple moving average is $221.83 and its 200-day simple moving average is $205.47. The firm has a market cap of $31.23 billion, a PE ratio of 32.68, a P/E/G ratio of 3.33 and a beta of 0.97.

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

AvalonBay Communities Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 3.10%. The ex-dividend date is Monday, September 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 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.