State of New Jersey Common Pension Fund D Grows Position in AvalonBay Communities, Inc. (NYSE:AVB)

State of New Jersey Common Pension Fund D raised its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 6.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,550 shares of the real estate investment trust’s stock after buying an additional 5,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in AvalonBay Communities were worth $18,144,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AVB. Daiwa Securities Group Inc. increased its position in shares of AvalonBay Communities by 487.8% in the 2nd 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 last quarter. International Assets Investment Management LLC purchased a new stake in shares of AvalonBay Communities in the third quarter valued at about $581,960,000. Canada Pension Plan Investment Board increased its position in AvalonBay Communities by 14.4% during the 1st 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 purchasing an additional 249,400 shares during the period. SG Americas Securities LLC raised its position in AvalonBay Communities by 958.9% in the third quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock worth $38,882,000 after acquiring an additional 156,316 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of AvalonBay Communities in the 3rd quarter valued at about $29,256,000. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Up 2.5 %

Shares of AVB traded up $5.71 during mid-day trading on Friday, hitting $233.75. 782,641 shares of the company’s stock were exchanged, compared to its average volume of 691,283. AvalonBay Communities, Inc. has a 52 week low of $164.76 and a 52 week high of $236.26. The company has a 50-day simple moving average of $225.92 and a 200 day simple moving average of $211.20. The company has a market cap of $33.24 billion, a PE ratio of 31.98, a P/E/G ratio of 3.41 and a beta of 0.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.03 and a quick ratio of 2.03.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period in the previous year, the business earned $2.66 earnings per share. On average, 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 was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.70 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 2.91%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

Analyst Ratings Changes

AVB has been the topic of several research reports. Piper Sandler increased their price target on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Royal Bank of Canada dropped their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Scotiabank increased their price objective on shares of AvalonBay Communities from $229.00 to $244.00 and gave the company a “sector perform” rating in a research note on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, AvalonBay Communities has an average rating of “Hold” and a consensus target price of $227.06.

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.