Credit Suisse AG lessened its stake in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 1.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 278,494 shares of the real estate investment trust’s stock after selling 3,401 shares during the quarter. Credit Suisse AG owned about 0.20% of AvalonBay Communities worth $46,804,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in AVB. Massmutual Trust Co. FSB ADV boosted its holdings in AvalonBay Communities by 290.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 156 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 116 shares during the last quarter. Creative Financial Designs Inc. ADV grew its holdings in shares of AvalonBay Communities by 2,142.9% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 157 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 150 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in shares of AvalonBay Communities during the 1st quarter worth about $69,000. Focused Wealth Management Inc acquired a new stake in AvalonBay Communities during the 1st quarter worth approximately $50,000. Finally, Machina Capital S.A.S. purchased a new position in AvalonBay Communities in the first quarter valued at approximately $50,000. 87.85% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, EVP Joanne M. Lockridge sold 3,331 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $186.25, for a total transaction of $620,398.75. Following the completion of the transaction, the executive vice president now owns 21,558 shares in the company, valued at approximately $4,015,177.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.
Analysts Set New Price Targets
View Our Latest Stock Report on AvalonBay Communities
AvalonBay Communities Stock Performance
AVB stock opened at $179.31 on Monday. The company has a market capitalization of $25.47 billion, a P/E ratio of 20.17, a PEG ratio of 2.95 and a beta of 0.93. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.68. The company has a 50-day simple moving average of $188.97 and a 200 day simple moving average of $179.04. AvalonBay Communities, Inc. has a fifty-two week low of $153.07 and a fifty-two week high of $216.21.
AvalonBay Communities (NYSE:AVB – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $2.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.60 by ($0.01). The company had revenue of $690.86 million during the quarter, compared to the consensus estimate of $675.67 million. AvalonBay Communities had a net margin of 46.32% and a return on equity of 11.01%. During the same quarter last year, the business earned $2.43 earnings per share. Sell-side analysts predict that AvalonBay Communities, Inc. will post 10.52 earnings per share for the current fiscal year.
AvalonBay Communities Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date was Thursday, June 29th. AvalonBay Communities’s payout ratio is currently 74.24%.
AvalonBay Communities Profile
As of June 30, 2023, the Company owned or held a direct or indirect ownership interest in 294 apartment communities containing 88,659 apartment homes in 12 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.
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