Adelante Capital Management LLC Acquires 7,271 Shares of AvalonBay Communities, Inc. $AVB

Key Points

• Adelante Capital Management increased its AvalonBay Communities stake by 2.3%, purchasing 7,271 additional shares to own 325,177 shares valued at approximately $53.1 million. Institutional investors collectively hold 92.61% of AVB’s stock.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from MarketBeat and an average price target of $196.80. Recent target prices ranged from $188 to $210.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 consensus estimate, while revenue of $777.77 million exceeded expectations. The REIT maintains a quarterly dividend of $1.78 per share, equivalent to a 3.7% yield.

Adelante Capital Management LLC raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 325,177 shares of the real estate investment trust's stock after buying an additional 7,271 shares during the period. AvalonBay Communities makes up 3.5% of Adelante Capital Management LLC's portfolio, making the stock its 8th biggest position. Adelante Capital Management LLC owned about 0.23% of AvalonBay Communities worth $53,117,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Reflection Asset Management acquired a new position in shares of AvalonBay Communities in the 4th quarter worth $25,000. Clearstead Trust LLC boosted its holdings in AvalonBay Communities by 56.0% in the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 56 shares in the last quarter. Zions Bancorporation National Association UT raised its position in shares of AvalonBay Communities by 300.0% in the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 120 shares during the period. BOKF NA acquired a new stake in shares of AvalonBay Communities in the third quarter valued at about $31,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of AvalonBay Communities in the fourth quarter worth $32,000. Institutional investors own 92.61% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on AVB. Piper Sandler raised their target price on AvalonBay Communities from $195.00 to $210.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of AvalonBay Communities from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 23rd. Wells Fargo & Company decreased their price target on AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. Jefferies Financial Group raised AvalonBay Communities to a "hold" rating in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada upped their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $196.80.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $190.60 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.62 and a quick ratio of 0.62. The stock's 50-day moving average is $187.65 and its 200-day moving average is $179.53. The firm has a market cap of $27.08 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 3.26 and a beta of 0.77. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $203.29.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.12). The company had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same quarter in the previous year, the company posted $2.82 EPS. Equities analysts predict that AvalonBay Communities, Inc. will post 11.29 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities's payout ratio is currently 103.19%.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc NYSE: AVB is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay's core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay's operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.

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