Cbre Clarion Securities LLC lifted its position in AvalonBay Communities, Inc. (NYSE:AVB) by 8.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 150,064 shares of the real estate investment trust’s stock after purchasing an additional 11,602 shares during the quarter. Cbre Clarion Securities LLC owned about 0.11% of AvalonBay Communities worth $27,688,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Alpha DNA Investment Management LLC purchased a new stake in shares of AvalonBay Communities in the fourth quarter valued at about $27,000. First Horizon Advisors Inc. purchased a new stake in shares of AvalonBay Communities in the fourth quarter valued at about $33,000. Carroll Financial Associates Inc. purchased a new stake in shares of AvalonBay Communities in the first quarter valued at about $42,000. Arlington Partners LLC purchased a new stake in shares of AvalonBay Communities in the first quarter valued at about $42,000. Finally, Parallel Advisors LLC grew its holdings in shares of AvalonBay Communities by 28.7% in the first quarter. Parallel Advisors LLC now owns 242 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 54 shares during the period. 86.70% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE AVB traded down $0.20 during midday trading on Friday, hitting $214.46. The company’s stock had a trading volume of 9,747 shares, compared to its average volume of 844,276. The company’s fifty day moving average price is $196.94. The stock has a market capitalization of $29.94 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 9.42 and a beta of 0.93. AvalonBay Communities, Inc. has a 1 year low of $131.38 and a 1 year high of $216.64. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.63 and a quick ratio of 0.63.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be issued a $1.59 dividend. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $6.36 annualized dividend and a yield of 2.97%. AvalonBay Communities’s dividend payout ratio (DPR) is 73.19%.
In related news, EVP Edward M. Schulman sold 1,271 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $204.27, for a total value of $259,627.17. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin P. O’shea sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $204.19, for a total transaction of $612,570.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,265 shares of company stock worth $1,083,860. 0.36% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on AVB. BTIG Research upped their price objective on shares of AvalonBay Communities from $206.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, June 3rd. Morgan Stanley increased their target price on shares of AvalonBay Communities from $210.00 to $218.00 and gave the stock an “equal weight” rating in a research note on Friday. They noted that the move was a valuation call. Evercore ISI raised shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating in a research note on Monday, May 3rd. Truist lowered shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a research note on Friday, June 4th. They noted that the move was a valuation call. Finally, Royal Bank of Canada began coverage on shares of AvalonBay Communities in a research note on Tuesday, March 30th. They set a “sector perform” rating and a $193.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $191.69.
AvalonBay Communities Company Profile
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").
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