Allworth Financial LP Makes New Investment in AvalonBay Communities, Inc. $AVB

Key Points

• Allworth Financial acquired 7,948 AvalonBay Communities shares worth approximately $1.5 million in the second quarter. Institutional investors and hedge funds collectively own 92.61% of AVB’s outstanding stock.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 consensus estimate, while revenue of $777.77 million exceeded expectations. Analysts project full-year EPS of $11.33.
• The company pays a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $196.87.

Allworth Financial LP purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,948 shares of the real estate investment trust's stock, valued at approximately $1,500,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Reflection Asset Management bought a new stake in shares of AvalonBay Communities during the 4th quarter valued at about $25,000. Clearstead Trust LLC increased 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 increased its holdings in 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 worth $29,000 after purchasing an additional 120 shares in the last quarter. BOKF NA acquired a new position in AvalonBay Communities in the third quarter valued at approximately $31,000. Finally, Elyxium Wealth LLC acquired a new position in AvalonBay Communities in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Price Performance

AVB stock opened at $184.06 on Friday. The stock has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a P/E/G ratio of 2.98 and a beta of 0.76. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The business has a fifty day moving average price of $187.69 and a 200-day moving average price of $180.42.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million for the quarter, compared to analysts' expectations of $772.37 million. During the same period last year, the business earned $2.82 earnings per share. Equities analysts forecast that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.78 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities's payout ratio is currently 116.34%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Barclays upped their price objective on shares of AvalonBay Communities from $205.00 to $206.00 and gave the stock an "equal weight" rating in a report on Monday, August 17th. Piper Sandler raised their price objective on shares of AvalonBay Communities from $195.00 to $210.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Wall Street Zen raised AvalonBay Communities from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Jefferies Financial Group upgraded shares of AvalonBay Communities to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Truist Financial boosted their price target on shares of AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Three investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $196.87.

AvalonBay Communities 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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