AvalonBay Communities, Inc. $AVB Stock Position Lowered by Spirit of America Management Corp NY

Spirit of America Management Corp NY trimmed its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 37.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,890 shares of the real estate investment trust’s stock after selling 6,400 shares during the period. Spirit of America Management Corp NY’s holdings in AvalonBay Communities were worth $1,974,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in AVB. State Street Corp lifted its holdings in shares of AvalonBay Communities by 1.0% in the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust’s stock valued at $1,858,788,000 after purchasing an additional 92,467 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 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 worth $814,376,000 after buying an additional 249,171 shares during the period. Northern Trust Corp grew its holdings in shares of AvalonBay Communities by 3.5% during the third quarter. Northern Trust Corp now owns 2,982,468 shares of the real estate investment trust’s stock valued at $576,123,000 after buying an additional 100,212 shares in the last quarter. Invesco Ltd. grew its holdings in shares of AvalonBay Communities by 70.2% during the second quarter. Invesco Ltd. now owns 2,593,727 shares of the real estate investment trust’s stock valued at $527,823,000 after buying an additional 1,069,793 shares in the last quarter. Finally, Bank of America Corp DE raised its position in AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after buying an additional 1,017,286 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $161.51 on Tuesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.77. AvalonBay Communities, Inc. has a one year low of $160.35 and a one year high of $216.47. The business’s 50-day moving average price is $173.62 and its two-hundred day moving average price is $179.76. The company has a market capitalization of $22.62 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 2.82 and a beta of 0.75.

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

AvalonBay Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.75. This represents a $7.12 annualized dividend and a yield of 4.4%. AvalonBay Communities’s payout ratio is 85.47%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVB. Citigroup reduced their price objective on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Wall Street Zen downgraded AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Scotiabank reduced their price target on shares of AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 4th. Cantor Fitzgerald raised their price target on shares of AvalonBay Communities from $179.00 to $186.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, Piper Sandler lowered their price objective 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. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $198.44.

AvalonBay Communities Company 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.