Canandaigua National Bank & Trust Co. Makes New $1.16 Million Investment in AvalonBay Communities, Inc. $AVB

Canandaigua National Bank & Trust Co. acquired a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,168 shares of the real estate investment trust’s stock, valued at approximately $1,164,000.

Several other hedge funds also recently made changes to their positions in AVB. Reflection Asset Management purchased a new position in AvalonBay Communities during the 4th quarter valued at about $25,000. Clearstead Trust LLC grew its position in shares of AvalonBay Communities by 56.0% in the 1st quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 56 shares during the last quarter. Zions Bancorporation National Association UT increased its stake in shares of AvalonBay Communities by 300.0% during the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 120 shares during the period. BOKF NA purchased a new position in shares of AvalonBay Communities during the third quarter valued at approximately $31,000. Finally, Headlands Technologies LLC bought a new position in shares of AvalonBay Communities during the second quarter valued at approximately $36,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Up 0.2%

AVB stock opened at $189.65 on Thursday. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The business has a fifty day moving average price of $188.07 and a 200-day moving average price of $179.91. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $27.08 billion, a P/E ratio of 30.99, a P/E/G ratio of 3.29 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The company had revenue of $777.77 million for the quarter, compared to the consensus estimate 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 company earned $2.82 EPS. Equities analysts forecast that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. AvalonBay Communities’s dividend payout ratio is presently 116.34%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AVB shares. Scotiabank lifted their price target on shares of AvalonBay Communities from $187.00 to $195.00 and gave the company a “sector perform” rating in a report on Thursday, July 9th. Royal Bank Of Canada raised their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Wells Fargo & Company cut their target price on shares of AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Piper Sandler boosted their price target on shares of AvalonBay Communities from $195.00 to $210.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Finally, Cantor Fitzgerald increased their price target on shares of AvalonBay Communities from $186.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $196.80.

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.