Pallas Capital Advisors LLC Cuts Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Pallas Capital Advisors LLC trimmed its position in AvalonBay Communities, Inc. (NYSE:AVB) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 16,896 shares of the real estate investment trust’s stock after selling 258 shares during the quarter. Pallas Capital Advisors LLC’s holdings in AvalonBay Communities were worth $3,717,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC bought a new stake in AvalonBay Communities in the third quarter worth $26,000. Brooklyn Investment Group purchased a new position in shares of AvalonBay Communities in the 3rd quarter worth approximately $39,000. Mather Group LLC. increased its position in shares of AvalonBay Communities by 38.6% during the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 56 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in AvalonBay Communities during the 3rd quarter valued at $51,000. Finally, EverSource Wealth Advisors LLC lifted its position in AvalonBay Communities by 368.3% in the second quarter. EverSource Wealth Advisors LLC now owns 576 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 453 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVB shares. Evercore ISI boosted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upgraded shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their price target for the company from $247.00 to $262.00 in a report on Tuesday, December 17th. Mizuho raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $239.00 to $242.00 in a research note on Monday, January 6th. Scotiabank cut their target price on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. Finally, Royal Bank of Canada decreased their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.53.

Insider Transactions at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $233.78, for a total transaction of $528,576.58. Following the transaction, the director now owns 111,436 shares in the company, valued at $26,051,508.08. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.42% of the company’s stock.

AvalonBay Communities Stock Up 2.6 %

NYSE AVB traded up $5.43 during trading on Monday, reaching $216.20. 583,236 shares of the company’s stock traded hands, compared to its average volume of 539,607. The company’s 50 day simple moving average is $225.35 and its two-hundred day simple moving average is $220.35. AvalonBay Communities, Inc. has a 12-month low of $169.37 and a 12-month high of $239.29. The firm has a market cap of $30.75 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 3.30 and a beta of 0.99. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 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 the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period last year, the firm earned $2.66 EPS. As a group, sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.03 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a yield of 3.15%. AvalonBay Communities’s payout ratio is 93.02%.

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.