Healthcare of Ontario Pension Plan Trust Fund Sells 61,100 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Healthcare of Ontario Pension Plan Trust Fund cut its position in AvalonBay Communities, Inc. (NYSE:AVB) by 77.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 17,400 shares of the real estate investment trust’s stock after selling 61,100 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in AvalonBay Communities were worth $3,919,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Daiwa Securities Group Inc. increased its stake in shares of AvalonBay Communities by 487.8% in the second quarter. Daiwa Securities Group Inc. now owns 359,474 shares of the real estate investment trust’s stock valued at $74,372,000 after buying an additional 298,322 shares during the period. International Assets Investment Management LLC bought a new stake in AvalonBay Communities during the 3rd quarter worth approximately $581,960,000. SG Americas Securities LLC increased its position in 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 period. Artemis Investment Management LLP bought a new position in shares of AvalonBay Communities during the third quarter valued at $29,256,000. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of AvalonBay Communities during the second quarter worth $26,755,000. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Trading Down 1.0 %

Shares of AvalonBay Communities stock opened at $235.35 on Friday. The stock has a market capitalization of $33.48 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 3.47 and a beta of 0.97. AvalonBay Communities, Inc. has a 52 week low of $169.37 and a 52 week high of $239.29. The stock has a 50 day moving average price of $226.85 and a two-hundred day moving average price of $215.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results 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 net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million during the quarter, compared to analyst estimates of $731.67 million. During the same period in the previous year, the business posted $2.66 EPS. As a group, equities analysts anticipate that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, December 31st. AvalonBay Communities’s payout ratio is presently 93.02%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AVB shares. Evercore ISI increased their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Wells Fargo & Company lifted their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Royal Bank of Canada decreased their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Truist Financial boosted their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Finally, Zelman & Associates upgraded shares of AvalonBay Communities to a “hold” rating in a research report on Thursday, September 5th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, AvalonBay Communities has a consensus rating of “Hold” and a consensus target price of $228.67.

Insider Activity at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 2,261 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $233.78, for a total transaction of $528,576.58. Following the completion of the sale, the director now owns 111,436 shares in the company, valued at approximately $26,051,508.08. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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.