Meritage Portfolio Management Has $2.67 Million Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Meritage Portfolio Management lowered its position in AvalonBay Communities, Inc. (NYSE:AVB) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,244 shares of the real estate investment trust’s stock after selling 112 shares during the quarter. Meritage Portfolio Management’s holdings in AvalonBay Communities were worth $2,667,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVB. Wellington Management Group LLP boosted its stake in AvalonBay Communities by 17.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,298,186 shares of the real estate investment trust’s stock valued at $394,690,000 after purchasing an additional 341,332 shares during the period. Nordea Investment Management AB boosted its position in shares of AvalonBay Communities by 2,140.1% in the fourth quarter. Nordea Investment Management AB now owns 213,727 shares of the real estate investment trust’s stock valued at $40,347,000 after acquiring an additional 204,186 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of AvalonBay Communities by 118.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 318,026 shares of the real estate investment trust’s stock valued at $54,618,000 after acquiring an additional 172,418 shares in the last quarter. Deutsche Bank AG increased its position in AvalonBay Communities by 6.5% during the third quarter. Deutsche Bank AG now owns 2,496,671 shares of the real estate investment trust’s stock worth $428,778,000 after acquiring an additional 151,995 shares during the period. Finally, Northern Trust Corp raised its stake in AvalonBay Communities by 5.9% in the 3rd quarter. Northern Trust Corp now owns 2,278,363 shares of the real estate investment trust’s stock worth $391,286,000 after purchasing an additional 126,288 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $207.00 target price on shares of AvalonBay Communities in a report on Tuesday, March 26th. Morgan Stanley upgraded AvalonBay Communities from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $175.00 to $191.50 in a research note on Monday, February 26th. Barclays upgraded AvalonBay Communities from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $194.00 to $204.00 in a research report on Tuesday, February 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $185.00 price target on shares of AvalonBay Communities in a research report on Friday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of AvalonBay Communities in a research report on Tuesday, January 30th. They set a “buy” rating and a $206.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $196.78.

AvalonBay Communities Price Performance

Shares of AVB traded down $0.02 during trading hours on Thursday, reaching $191.32. The stock had a trading volume of 1,073,127 shares, compared to its average volume of 814,882. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44. AvalonBay Communities, Inc. has a 12 month low of $160.45 and a 12 month high of $198.65. The stock has a market capitalization of $27.20 billion, a PE ratio of 28.92, a PEG ratio of 3.51 and a beta of 0.92. The company’s 50-day moving average is $182.10 and its two-hundred day moving average is $178.43.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 EPS for the quarter, missing the consensus estimate of $2.73 by ($1.03). The firm had revenue of $704.71 million during the quarter, compared to the consensus estimate of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same quarter in the prior year, the business posted $2.59 earnings per share. Research analysts expect that AvalonBay Communities, Inc. will post 10.8 EPS for the current year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.70 per share. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a yield of 3.55%. The ex-dividend date was Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 103.82%.

Insiders Place Their Bets

In related news, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Joanne M. Lockridge sold 1,750 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the sale, the executive vice president now owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction on Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.

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.