Martingale Asset Management L P Purchases 20,149 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Martingale Asset Management L P grew its position in AvalonBay Communities, Inc. (NYSE:AVB) by 150.4% during the third quarter, HoldingsChannel.com reports. The fund owned 33,550 shares of the real estate investment trust’s stock after acquiring an additional 20,149 shares during the quarter. Martingale Asset Management L P’s holdings in AvalonBay Communities were worth $7,557,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in AvalonBay Communities by 678.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock worth $386,315,000 after purchasing an additional 1,494,872 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of AvalonBay Communities by 487.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock worth $74,372,000 after buying an additional 298,322 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of AvalonBay Communities during the 3rd quarter valued at about $581,960,000. SG Americas Securities LLC lifted its holdings in shares of AvalonBay Communities by 958.9% in the 3rd quarter. SG Americas Securities LLC now owns 172,618 shares of the real estate investment trust’s stock valued at $38,882,000 after acquiring an additional 156,316 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new position in AvalonBay Communities in the third quarter worth about $29,256,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 1.1 %

Shares of NYSE:AVB opened at $235.21 on Friday. AvalonBay Communities, Inc. has a 52-week low of $169.37 and a 52-week high of $239.29. The stock has a market cap of $33.46 billion, a P/E ratio of 32.18, a price-to-earnings-growth ratio of 3.47 and a beta of 0.97. The business’s 50 day moving average is $226.85 and its 200 day moving average is $215.13. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The firm had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. During the same period last year, the company earned $2.66 EPS. Sell-side analysts predict that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 2.89%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 93.02%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVB. JPMorgan Chase & Co. upped their price objective on AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. BNP Paribas began coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price objective on the stock. Piper Sandler upped their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Truist Financial upped their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, AvalonBay Communities has an average rating of “Hold” and a consensus target price of $226.88.

Insider Buying and Selling

In related news, Director Timothy J. Naughton sold 23,697 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total value of $5,532,538.59. Following the transaction, the director now owns 87,239 shares of the company’s stock, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by insiders.

AvalonBay Communities 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.