Pacific Heights Asset Management LLC Invests $28.30 Million in AvalonBay Communities, Inc. $AVB

Pacific Heights Asset Management LLC purchased a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 150,000 shares of the real estate investment trust’s stock, valued at approximately $28,304,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new stake in AvalonBay Communities during the second quarter valued at approximately $38,663,000. Adelante Capital Management LLC acquired a new position in shares of AvalonBay Communities in the 2nd quarter worth approximately $55,001,000. Corient Private Wealth LP acquired a new position in shares of AvalonBay Communities in the 2nd quarter worth approximately $6,404,000. Palogic Value Management L.P. bought a new stake in shares of AvalonBay Communities in the 2nd quarter valued at approximately $853,000. Finally, Bank of America Corp DE bought a new stake in shares of AvalonBay Communities in the 2nd quarter valued at approximately $358,275,000. 92.61% of the stock is owned by institutional investors.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $184.06 on Friday. 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. AvalonBay Communities, Inc. has a 12-month low of $160.10 and a 12-month high of $198.63. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The stock’s 50 day simple moving average is $187.89 and its 200 day simple moving average is $180.75.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) 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 analyst estimates 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 in the prior year, the firm earned $2.82 EPS. Equities research analysts expect that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued 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 3.9%. AvalonBay Communities’s payout ratio is 116.34%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVB. Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price objective on shares of AvalonBay Communities in a research note on Wednesday, August 19th. UBS Group lowered their target price on shares of AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Piper Sandler increased their target price on shares of AvalonBay Communities from $195.00 to $210.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Weiss Ratings downgraded shares of AvalonBay Communities from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, Barclays raised their price target on shares of AvalonBay Communities from $205.00 to $206.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Three analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat, AvalonBay Communities has an average rating of “Hold” and an average target price of $196.87.

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.