Pacific Heights Asset Management LLC Increases Position in AvalonBay Communities, Inc. $AVB

Pacific Heights Asset Management LLC increased its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 76.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 150,000 shares of the real estate investment trust’s stock after acquiring an additional 65,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.11% of AvalonBay Communities worth $27,196,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AVB. BOKF NA purchased a new stake in AvalonBay Communities during the third quarter valued at about $31,000. Elyxium Wealth LLC purchased a new stake in AvalonBay Communities during the fourth quarter valued at about $32,000. AlphaQuest LLC bought a new stake in AvalonBay Communities in the 3rd quarter worth $33,000. Headlands Technologies LLC purchased a new position in shares of AvalonBay Communities in the second quarter valued at about $36,000. Finally, Fulcrum Asset Management LLP purchased a new position in shares of AvalonBay Communities in the third quarter valued at about $37,000. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. UBS Group dropped their target price on shares of AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating for the company in a report on Thursday. Truist Financial cut their target price on AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research note on Wednesday, April 8th. Scotiabank cut their target price on AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating on the stock in a research note on Thursday. Finally, Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Four research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $196.93.

AvalonBay Communities Price Performance

AVB stock opened at $180.66 on Monday. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $209.86. The company has a market cap of $25.13 billion, a P/E ratio of 26.18, a PEG ratio of 3.12 and a beta of 0.79. The firm has a 50-day moving average of $172.83 and a 200 day moving average of $176.51. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The company had revenue of $770.28 million during the quarter, compared to the consensus estimate of $768.80 million. During the same period in the previous year, the company earned $2.83 earnings per share. On average, sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.31 EPS for the current year.

About AvalonBay Communities

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.