Vestcor Inc Has $7.85 Million Stock Holdings in AvalonBay Communities, Inc. $AVB

Vestcor Inc increased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 65.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 40,651 shares of the real estate investment trust’s stock after buying an additional 16,053 shares during the quarter. Vestcor Inc’s holdings in AvalonBay Communities were worth $7,853,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of AvalonBay Communities by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 22,800,375 shares of the real estate investment trust’s stock worth $4,639,876,000 after buying an additional 127,693 shares during the period. State Street Corp boosted its stake in AvalonBay Communities by 2.0% in the 2nd quarter. State Street Corp now owns 9,445,499 shares of the real estate investment trust’s stock valued at $1,938,326,000 after buying an additional 182,952 shares in the last quarter. Norges Bank bought a new stake in AvalonBay Communities in the second quarter valued at $1,394,225,000. JPMorgan Chase & Co. grew its position in AvalonBay Communities by 6.3% in the third quarter. JPMorgan Chase & Co. now owns 4,215,821 shares of the real estate investment trust’s stock valued at $814,376,000 after acquiring an additional 249,171 shares during the period. Finally, Geode Capital Management LLC raised its stake in AvalonBay Communities by 1.5% during the second quarter. Geode Capital Management LLC now owns 3,875,614 shares of the real estate investment trust’s stock worth $785,551,000 after acquiring an additional 57,599 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVB has been the topic of several recent analyst reports. Scotiabank reduced their target price on shares of AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 4th. Wall Street Zen cut shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Royal Bank Of Canada cut their price target on shares of AvalonBay Communities from $191.00 to $187.00 and set a “sector perform” rating for the company in a report on Friday, February 6th. Piper Sandler reduced their price target on shares of AvalonBay Communities from $190.00 to $183.00 and set a “neutral” rating on the stock in a research report on Monday, February 9th. Finally, Deutsche Bank Aktiengesellschaft cut shares of AvalonBay Communities from a “buy” rating to a “hold” rating and set a $172.00 price objective on the stock. in a research note on Tuesday, January 20th. Five research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $199.66.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $176.69 on Tuesday. The business’s fifty day moving average is $178.10 and its two-hundred day moving average is $182.66. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $24.75 billion, a P/E ratio of 21.57, a P/E/G ratio of 3.12 and a beta of 0.75. AvalonBay Communities, Inc. has a 52 week low of $166.73 and a 52 week high of $222.38.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share for the quarter, beating analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.The company had revenue of $767.86 million during the quarter, compared to analyst estimates of $766.38 million. During the same period last year, the company posted $2.80 earnings per share. Equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, March 31st. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.75. AvalonBay Communities’s dividend payout ratio is 85.47%.

AvalonBay Communities Profile

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.