IndexIQ Advisors LLC cut its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,343 shares of the real estate investment trust’s stock after selling 73 shares during the quarter. IndexIQ Advisors LLC’s holdings in AvalonBay Communities were worth $592,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Qube Research & Technologies Ltd purchased a new position in AvalonBay Communities in the fourth quarter worth approximately $11,596,000. Toroso Investments LLC increased its position in shares of AvalonBay Communities by 16.4% during the third quarter. Toroso Investments LLC now owns 6,052 shares of the real estate investment trust’s stock worth $1,341,000 after purchasing an additional 853 shares in the last quarter. Chilton Capital Management LLC lifted its holdings in shares of AvalonBay Communities by 5.3% in the 3rd quarter. Chilton Capital Management LLC now owns 53,388 shares of the real estate investment trust’s stock valued at $11,833,000 after purchasing an additional 2,696 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of AvalonBay Communities by 3.7% in the 4th quarter. State of Michigan Retirement System now owns 37,798 shares of the real estate investment trust’s stock valued at $9,547,000 after purchasing an additional 1,348 shares during the period. Finally, Bank of America Corp DE grew its stake in AvalonBay Communities by 22.6% during the 2nd quarter. Bank of America Corp DE now owns 596,464 shares of the real estate investment trust’s stock worth $124,475,000 after buying an additional 109,995 shares during the last quarter. 86.14% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on the stock. Barclays upgraded shares of AvalonBay Communities from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $225.00 to $263.00 in a research report on Tuesday, January 18th. KeyCorp lifted their price objective on shares of AvalonBay Communities from $255.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, January 13th. Truist Financial lowered their price target on AvalonBay Communities from $266.00 to $263.00 and set a “hold” rating on the stock in a report on Monday, March 7th. StockNews.com started coverage on shares of AvalonBay Communities in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of AvalonBay Communities from $285.00 to $272.00 and set a “buy” rating for the company in a research note on Thursday, March 24th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $263.40.
AvalonBay Communities (NYSE:AVB – Get Rating) last issued its quarterly earnings results on Wednesday, February 2nd. The real estate investment trust reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $1.40. AvalonBay Communities had a net margin of 43.76% and a return on equity of 9.28%. During the same period last year, the firm earned $2.02 earnings per share. On average, analysts anticipate that AvalonBay Communities, Inc. will post 9.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were paid a $1.59 dividend. The ex-dividend date was Wednesday, March 30th. This represents a $6.36 dividend on an annualized basis and a dividend yield of 2.58%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 88.46%.
About AvalonBay Communities (Get Rating)
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. 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 markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
- Get a free copy of the StockNews.com research report on AvalonBay Communities (AVB)
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