AvalonBay Communities, Inc. (NYSE:AVB) Shares Sold by Desjardins Global Asset Management Inc.

Desjardins Global Asset Management Inc. lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 58.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 538 shares of the real estate investment trust’s stock after selling 761 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in AvalonBay Communities were worth $101,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AVB. Pinnacle Bancorp Inc. acquired a new stake in AvalonBay Communities in the third quarter worth about $26,000. Quarry LP lifted its holdings in AvalonBay Communities by 255.6% in the second quarter. Quarry LP now owns 192 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 138 shares during the period. Castleview Partners LLC lifted its holdings in AvalonBay Communities by 1,542.9% in the third quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 216 shares during the period. Ronald Blue Trust Inc. lifted its holdings in AvalonBay Communities by 316.7% in the third quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 171 shares during the period. Finally, Arlington Trust Co LLC acquired a new stake in AvalonBay Communities in the fourth quarter worth about $45,000. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insider Activity

In related news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now owns 21,907 shares in the company, valued at $4,054,985.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the transaction, the executive vice president now owns 21,907 shares in the company, valued at $4,054,985.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin P. O’shea sold 5,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the transaction, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of AvalonBay Communities in a report on Tuesday, January 30th. They issued a “buy” rating and a $206.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $207.00 price target on shares of AvalonBay Communities in a report on Tuesday, March 26th. Morgan Stanley raised shares of AvalonBay Communities from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $175.00 to $191.50 in a report on Monday, February 26th. KeyCorp reissued a “sector weight” rating on shares of AvalonBay Communities in a report on Friday, January 5th. Finally, Mizuho cut their price target on shares of AvalonBay Communities from $188.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $196.78.

AvalonBay Communities Price Performance

Shares of AVB opened at $184.13 on Friday. The company has a market capitalization of $26.18 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 3.37 and a beta of 0.92. AvalonBay Communities, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $198.65. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. The business’s 50-day moving average is $181.15 and its 200-day moving average is $177.96.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). The business had revenue of $704.71 million during the quarter, compared to analyst estimates of $701.67 million. AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. During the same quarter in the prior year, the company earned $2.59 EPS. Equities research analysts expect that AvalonBay Communities, Inc. will post 10.8 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.70 dividend. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.69%. AvalonBay Communities’s dividend payout ratio is currently 103.82%.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.