Utah Retirement Systems Boosts Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Utah Retirement Systems grew its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 267.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 103,678 shares of the real estate investment trust’s stock after acquiring an additional 75,500 shares during the period. Utah Retirement Systems’ holdings in AvalonBay Communities were worth $19,129,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AVB. Alpha DNA Investment Management LLC purchased a new position in shares of AvalonBay Communities in the 4th quarter worth $27,000. Carroll Financial Associates Inc. purchased a new position in shares of AvalonBay Communities in the 1st quarter worth $42,000. Arlington Partners LLC purchased a new position in shares of AvalonBay Communities in the 1st quarter worth $42,000. Parallel Advisors LLC grew its stake in shares of AvalonBay Communities by 28.7% in the 1st quarter. Parallel Advisors LLC now owns 242 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 54 shares in the last quarter. Finally, E Fund Management Co. Ltd. purchased a new position in shares of AvalonBay Communities in the 1st quarter worth $45,000. 86.55% of the stock is owned by institutional investors and hedge funds.

NYSE:AVB traded down $2.29 during trading hours on Thursday, hitting $225.89. 2,238 shares of the company were exchanged, compared to its average volume of 643,557. The stock has a market cap of $31.53 billion, a PE ratio of 39.89, a price-to-earnings-growth ratio of 10.15 and a beta of 0.93. AvalonBay Communities, Inc. has a 52-week low of $131.38 and a 52-week high of $230.60. 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’s 50 day moving average is $211.52.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Tuesday, April 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.92). The company had revenue of $497.44 million for the quarter, compared to analysts’ expectations of $544.98 million. AvalonBay Communities had a return on equity of 7.47% and a net margin of 35.63%. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.39 EPS. As a group, equities research analysts predict that AvalonBay Communities, Inc. will post 7.84 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were given a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a yield of 2.82%. The ex-dividend date was Tuesday, June 29th. AvalonBay Communities’s dividend payout ratio is presently 73.19%.

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 3,000 shares of AvalonBay Communities 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Keri A. Shea sold 994 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, June 3rd. The shares were sold at an average price of $212.94, for a total transaction of $211,662.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,265 shares of company stock worth $1,083,860. 0.36% of the stock is owned by insiders.

AVB has been the subject of several analyst reports. Wolfe Research initiated coverage on shares of AvalonBay Communities in a report on Monday, June 14th. They issued a “peer perform” rating and a $238.00 target price for the company. KeyCorp raised their target price on shares of AvalonBay Communities from $200.00 to $236.00 and gave the stock an “overweight” rating in a report on Thursday, July 15th. Smith Barney Citigroup upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a report on Monday, April 19th. Piper Sandler lifted their price objective on shares of AvalonBay Communities from $205.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, July 1st. Finally, TheStreet lowered shares of AvalonBay Communities from a “b” rating to a “c+” rating in a report on Wednesday, April 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $199.59.

About AvalonBay Communities

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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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