Fiduciary Trust Co Boosts Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Fiduciary Trust Co lifted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 59.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,611 shares of the real estate investment trust’s stock after purchasing an additional 974 shares during the period. Fiduciary Trust Co’s holdings in AvalonBay Communities were worth $588,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of AVB. RPg Family Wealth Advisory LLC purchased a new stake in shares of AvalonBay Communities in the third quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities during the second quarter worth $32,000. Versant Capital Management Inc raised its position in AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 169 shares during the period. Brooklyn Investment Group acquired a new stake in shares of AvalonBay Communities in the third quarter valued at about $39,000. Finally, Mather Group LLC. increased its stake in shares of AvalonBay Communities by 38.6% during the third quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 56 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

AVB stock opened at $235.35 on Friday. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $239.29. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a market cap of $33.48 billion, a price-to-earnings ratio of 32.20, a price-to-earnings-growth ratio of 3.47 and a beta of 0.97. The business has a fifty day moving average of $226.85 and a two-hundred day moving average of $215.26.

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 (EPS) 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 analyst estimates of $731.67 million. During the same period in the previous year, the business posted $2.66 earnings per share. As a group, research analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Announces Dividend

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 issued a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 2.89%. AvalonBay Communities’s dividend payout ratio is currently 93.02%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Wells Fargo & Company boosted their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. BNP Paribas assumed coverage on AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Evercore ISI raised 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 note on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $228.67.

Insider Buying and Selling

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the transaction, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.42% of the stock is currently owned by corporate insiders.

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.