Fifth Third Bancorp lessened its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 6.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,258 shares of the real estate investment trust’s stock after selling 1,552 shares during the period. Fifth Third Bancorp’s holdings in AvalonBay Communities were worth $3,918,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of AvalonBay Communities by 47.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,465,899 shares of the real estate investment trust’s stock valued at $1,061,751,000 after buying an additional 1,759,576 shares during the period. Wellington Management Group LLP lifted its stake in shares of AvalonBay Communities by 57.1% during the first quarter. Wellington Management Group LLP now owns 2,140,014 shares of the real estate investment trust’s stock valued at $531,516,000 after buying an additional 777,631 shares during the period. Echo Street Capital Management LLC lifted its stake in shares of AvalonBay Communities by 135.7% during the third quarter. Echo Street Capital Management LLC now owns 671,577 shares of the real estate investment trust’s stock valued at $123,698,000 after buying an additional 386,677 shares during the period. Great West Life Assurance Co. Can purchased a new position in shares of AvalonBay Communities during the third quarter valued at approximately $50,107,000. Finally, V3 Capital Management L.P. purchased a new position in shares of AvalonBay Communities during the third quarter valued at approximately $35,605,000. Hedge funds and other institutional investors own 87.30% of the company’s stock.
Wall Street Analyst Weigh In
AVB has been the topic of several recent analyst reports. Royal Bank of Canada upped their price objective on shares of AvalonBay Communities from $186.00 to $189.00 and gave the company a “sector perform” rating in a research note on Friday, February 10th. Truist Financial raised shares of AvalonBay Communities from a “hold” rating to a “buy” rating and upped their price target for the stock from $186.00 to $190.00 in a research report on Tuesday, January 17th. Wells Fargo & Company started coverage on shares of AvalonBay Communities in a research report on Wednesday, March 29th. They set an “overweight” rating and a $184.00 price target for the company. JPMorgan Chase & Co. lowered shares of AvalonBay Communities from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $206.00 to $197.00 in a research report on Friday, December 16th. Finally, Mizuho upped their price target on shares of AvalonBay Communities from $179.00 to $188.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $201.79.
AvalonBay Communities Price Performance
AvalonBay Communities Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be issued a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a yield of 3.92%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.59. The ex-dividend date is Thursday, March 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 81.38%.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities.
Read More
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