Resona Asset Management Co. Ltd. Sells 3,390 Shares of AvalonBay Communities, Inc. $AVB

Resona Asset Management Co. Ltd. lessened its position in AvalonBay Communities, Inc. (NYSE:AVB) by 4.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 81,731 shares of the real estate investment trust’s stock after selling 3,390 shares during the period. Resona Asset Management Co. Ltd.’s holdings in AvalonBay Communities were worth $14,979,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVB. Empowered Funds LLC lifted its stake in shares of AvalonBay Communities by 5.7% in the first quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock worth $584,000 after buying an additional 148 shares in the last quarter. Guggenheim Capital LLC lifted its stake in shares of AvalonBay Communities by 2.8% in the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after buying an additional 129 shares in the last quarter. Baird Financial Group Inc. bought a new position in shares of AvalonBay Communities in the second quarter worth approximately $1,374,000. Cresset Asset Management LLC lifted its stake in shares of AvalonBay Communities by 14.2% in the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock worth $591,000 after buying an additional 360 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in AvalonBay Communities by 9.5% during the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after purchasing an additional 1,629 shares during the period. Institutional investors own 92.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVB. Morgan Stanley restated an “equal weight” rating and set a $203.00 price objective (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. 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. Weiss Ratings restated a “hold (c)” rating on shares of AvalonBay Communities in a research report on Wednesday, April 8th. Truist Financial lowered their price objective on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, Scotiabank lowered their price objective on shares of AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 14th. Four research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $196.93.

AvalonBay Communities Stock Up 0.7%

Shares of AVB stock opened at $186.45 on Thursday. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $209.86. The stock has a market cap of $25.94 billion, a P/E ratio of 27.02, a P/E/G ratio of 3.22 and a beta of 0.79. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.80. The company has a 50 day simple moving average of $173.29 and a two-hundred day simple moving average of $176.67.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. The business had revenue of $770.28 million for the quarter, compared to analysts’ expectations of $768.80 million. During the same period in the prior year, the company posted $2.83 earnings per share. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.3 earnings per share for the current year.

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.