State of Tennessee Department of Treasury Lowers Stake in AvalonBay Communities, Inc. (NYSE:AVB)

State of Tennessee Department of Treasury decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 240,113 shares of the real estate investment trust's stock after selling 1,908 shares during the period. State of Tennessee Department of Treasury owned 0.17% of AvalonBay Communities worth $52,818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in shares of AvalonBay Communities in the 4th quarter valued at approximately $1,499,050,000. Wellington Management Group LLP boosted its holdings in shares of AvalonBay Communities by 49.9% during the 4th quarter. Wellington Management Group LLP now owns 2,488,975 shares of the real estate investment trust's stock valued at $547,500,000 after buying an additional 828,009 shares in the last quarter. Cohen & Steers Inc. grew its position in shares of AvalonBay Communities by 25.7% in the 4th quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust's stock worth $688,527,000 after buying an additional 639,402 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of AvalonBay Communities by 51.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 554,290 shares of the real estate investment trust's stock worth $121,927,000 after acquiring an additional 188,906 shares in the last quarter. Finally, Invesco Ltd. lifted its position in AvalonBay Communities by 13.4% during the 4th quarter. Invesco Ltd. now owns 1,449,566 shares of the real estate investment trust's stock valued at $318,861,000 after acquiring an additional 170,952 shares during the period. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

AvalonBay Communities stock traded down $0.87 during mid-day trading on Friday, reaching $205.86. 642,822 shares of the stock traded hands, compared to its average volume of 691,981. The stock has a market capitalization of $29.31 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 3.11 and a beta of 0.86. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. The business's 50-day moving average is $209.80 and its 200-day moving average is $218.58. AvalonBay Communities, Inc. has a 12-month low of $180.40 and a 12-month high of $239.29.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. As a group, sell-side analysts predict that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.75 dividend. This is a boost from AvalonBay Communities's previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, March 31st. AvalonBay Communities's dividend payout ratio (DPR) is currently 92.23%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. BMO Capital Markets lowered shares of AvalonBay Communities from an "outperform" rating to a "market perform" rating and set a $220.00 target price for the company. in a report on Friday, April 4th. Mizuho raised AvalonBay Communities from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $239.00 to $242.00 in a research note on Monday, January 6th. Truist Financial raised their price target on AvalonBay Communities from $229.00 to $230.00 and gave the company a "hold" rating in a report on Monday, March 10th. Zelman & Associates raised shares of AvalonBay Communities from a "neutral" rating to an "outperform" rating in a research report on Thursday, February 13th. Finally, Barclays lifted their target price on shares of AvalonBay Communities from $226.00 to $227.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $237.47.

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: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.