Ferguson Wellman Capital Management Inc. Lowers Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Ferguson Wellman Capital Management Inc. decreased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 229,939 shares of the real estate investment trust’s stock after selling 22,042 shares during the quarter. AvalonBay Communities comprises 1.1% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 26th largest holding. Ferguson Wellman Capital Management Inc. owned 0.16% of AvalonBay Communities worth $51,794,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of AVB. Dimensional Fund Advisors LP increased its stake in AvalonBay Communities by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock valued at $429,145,000 after purchasing an additional 13,631 shares during the period. Canada Pension Plan Investment Board raised its stake in AvalonBay Communities by 14.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock valued at $367,534,000 after acquiring an additional 249,400 shares during the last quarter. Clearbridge Investments LLC lifted its position in AvalonBay Communities by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,847,511 shares of the real estate investment trust’s stock worth $342,824,000 after acquiring an additional 8,809 shares during the period. Bank of New York Mellon Corp lifted its position in AvalonBay Communities by 11.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock worth $244,776,000 after acquiring an additional 126,055 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of AvalonBay Communities by 11.9% in the first quarter. Russell Investments Group Ltd. now owns 784,723 shares of the real estate investment trust’s stock valued at $145,576,000 after purchasing an additional 83,400 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

Shares of AVB traded up $1.67 during mid-day trading on Friday, reaching $227.14. 533,150 shares of the company’s stock were exchanged, compared to its average volume of 728,573. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 52-week low of $160.45 and a 52-week high of $236.26. The company has a market cap of $32.30 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 3.33 and a beta of 0.97. The company has a 50-day simple moving average of $223.51 and a two-hundred day simple moving average of $206.59.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The firm had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company posted $2.66 earnings per share. On average, sell-side analysts predict that AvalonBay Communities, Inc. will post 11.01 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.70 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.80 annualized dividend and a yield of 2.99%. AvalonBay Communities’s payout ratio is currently 101.19%.

Insider Activity

In related news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AVB shares. Evercore ISI lifted their price objective on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. UBS Group lifted their price objective on AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Truist Financial increased their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Finally, Scotiabank upped their price objective on AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, AvalonBay Communities currently has a consensus rating of “Hold” and a consensus price target of $225.88.

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.