Canada Pension Plan Investment Board Sells 120,208 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Canada Pension Plan Investment Board lowered its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 8.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,338,913 shares of the real estate investment trust’s stock after selling 120,208 shares during the quarter. Canada Pension Plan Investment Board owned about 0.96% of AvalonBay Communities worth $247,043,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. First Horizon Advisors Inc. lifted its position in AvalonBay Communities by 26.0% during the first quarter. First Horizon Advisors Inc. now owns 257 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 53 shares during the period. Parallel Advisors LLC raised its position in shares of AvalonBay Communities by 28.7% in the 1st quarter. Parallel Advisors LLC now owns 242 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 54 shares during the last quarter. West Oak Capital LLC raised its position in AvalonBay Communities by 5.8% in the 1st quarter. West Oak Capital LLC now owns 1,090 shares of the real estate investment trust’s stock worth $201,000 after buying an additional 60 shares during the last quarter. Lido Advisors LLC raised its position in AvalonBay Communities by 1.2% in the 1st quarter. Lido Advisors LLC now owns 5,095 shares of the real estate investment trust’s stock worth $948,000 after buying an additional 62 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in AvalonBay Communities by 0.6% in the 1st quarter. Elo Mutual Pension Insurance Co now owns 10,072 shares of the real estate investment trust’s stock worth $1,858,000 after buying an additional 65 shares during the last quarter. 86.55% of the stock is owned by institutional investors and hedge funds.

Shares of AVB traded down $2.58 during midday trading on Thursday, reaching $225.60. 14,433 shares of the stock were exchanged, compared to its average volume of 643,557. AvalonBay Communities, Inc. has a 52 week low of $131.38 and a 52 week high of $230.60. The firm has a 50 day moving average price of $211.52. The company has a market capitalization of $31.49 billion, a P/E ratio of 39.89, a P/E/G ratio of 10.15 and a beta of 0.93. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.63 and a quick ratio of 0.63.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Tuesday, April 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.92). AvalonBay Communities had a net margin of 35.63% and a return on equity of 7.47%. The company had revenue of $497.44 million for the quarter, compared to the consensus estimate of $544.98 million. During the same period in the previous year, the business earned $2.39 EPS. AvalonBay Communities’s revenue for the quarter was down 9.1% compared to the same quarter last year. Analysts forecast that AvalonBay Communities, Inc. will post 7.84 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Investors of record on Wednesday, June 30th were given a dividend of $1.59 per share. This represents a $6.36 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Tuesday, June 29th. AvalonBay Communities’s payout ratio is currently 73.19%.

In other AvalonBay Communities news, EVP Edward M. Schulman sold 1,271 shares of the stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $204.27, for a total value of $259,627.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Keri A. Shea sold 994 shares of the stock in a transaction dated Thursday, June 3rd. The shares were sold at an average price of $212.94, for a total value of $211,662.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,265 shares of company stock worth $1,083,860. 0.36% of the stock is owned by corporate insiders.

A number of research firms have issued reports on AVB. upgraded AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Monday, April 19th. Smith Barney Citigroup upgraded AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research note on Monday, April 19th. Truist Securities downgraded AvalonBay Communities from a “buy” rating to a “hold” rating in a research note on Friday, June 4th. Royal Bank of Canada began coverage on AvalonBay Communities in a research note on Tuesday, March 30th. They set a “sector perform” rating and a $193.00 price target for the company. Finally, Colliers Securities restated a “hold” rating and set a $224.00 price target on shares of AvalonBay Communities in a research note on Friday, July 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $199.59.

AvalonBay Communities Company Profile

As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").

See Also: Understanding Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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