Korea Investment CORP Invests $3.98 Million in AvalonBay Communities, Inc. $AVB

Korea Investment CORP acquired a new stake in AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,074 shares of the real estate investment trust’s stock, valued at approximately $3,976,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in AVB. B&I Capital AG bought a new position in shares of AvalonBay Communities during the first quarter valued at approximately $11,194,000. Principal Financial Group Inc. lifted its holdings in AvalonBay Communities by 9.3% during the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock worth $815,360,000 after buying an additional 383,983 shares during the period. Empyrean Capital Partners LP purchased a new stake in AvalonBay Communities during the first quarter worth $9,474,000. Pacer Advisors Inc. boosted its position in AvalonBay Communities by 42.5% during the 4th quarter. Pacer Advisors Inc. now owns 16,167 shares of the real estate investment trust’s stock valued at $2,931,000 after acquiring an additional 4,820 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in AvalonBay Communities by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 408,956 shares of the real estate investment trust’s stock valued at $73,808,000 after acquiring an additional 19,789 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVB has been the subject of several recent research reports. Scotiabank boosted their price target on AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Wolfe Research raised AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price objective on the stock in a research report on Monday, June 1st. Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Wednesday, July 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 target price on shares of AvalonBay Communities in a report on Wednesday, August 19th. Finally, Truist Financial increased their price target on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Three investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $196.87.

AvalonBay Communities Price Performance

Shares of AVB stock opened at $184.06 on Tuesday. The stock’s fifty day moving average price is $187.68 and its 200 day moving average price is $180.53. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The company has a market cap of $26.28 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The business had revenue of $777.77 million during the quarter, compared to analysts’ expectations of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same quarter last year, the business posted $2.82 earnings per share. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.

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.