Carronade Capital Management LP Has $9.87 Million Stock Position in AvalonBay Communities, Inc. $AVB

Key Points

• Carronade Capital Management LP increased its stake in AvalonBay Communities by 18.3% in Q1 2023, owning 46,006 shares valued at around $9.87 million, making it the firm's 18th largest position.
• AvalonBay reported an EPS of $2.82 for the last quarter, exceeding analyst expectations of $2.80, although its revenue of $689.90 million fell short of the forecast of $759.08 million.
• Most research analysts currently hold a "Hold" rating on AvalonBay, with an average target price of $223.43, reflecting a cautious outlook amidst reduced target prices from major firms.

Carronade Capital Management LP increased its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 18.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,006 shares of the real estate investment trust's stock after acquiring an additional 7,116 shares during the quarter. AvalonBay Communities makes up 0.6% of Carronade Capital Management LP's holdings, making the stock its 18th largest holding. Carronade Capital Management LP's holdings in AvalonBay Communities were worth $9,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Proathlete Wealth Management LLC acquired a new position in AvalonBay Communities in the 1st quarter worth approximately $29,000. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities in the 1st quarter worth approximately $33,000. Ancora Advisors LLC boosted its stake in AvalonBay Communities by 1,666.7% in the 4th quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 150 shares during the period. Keystone Global Partners LLC acquired a new position in AvalonBay Communities in the 1st quarter worth approximately $45,000. Finally, Zions Bancorporation National Association UT acquired a new position in AvalonBay Communities in the 1st quarter worth approximately $50,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on AVB. Wall Street Zen upgraded shares of AvalonBay Communities from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. UBS Group cut their target price on shares of AvalonBay Communities from $238.00 to $216.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Evercore ISI cut their target price on shares of AvalonBay Communities from $216.00 to $212.00 and set an "in-line" rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. cut their target price on shares of AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating for the company in a research report on Tuesday, June 17th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $200.00 target price (down previously from $255.00) on shares of AvalonBay Communities in a research report on Monday, August 4th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, AvalonBay Communities presently has an average rating of "Hold" and an average target price of $223.43.

AvalonBay Communities Stock Performance

AVB traded up $1.81 during trading on Thursday, hitting $192.88. The stock had a trading volume of 669,232 shares, compared to its average volume of 823,937. The firm has a market cap of $27.46 billion, a PE ratio of 23.75, a P/E/G ratio of 2.82 and a beta of 0.87. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 12 month low of $180.40 and a 12 month high of $239.29. The company has a 50 day simple moving average of $195.95 and a 200-day simple moving average of $203.94.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share for the quarter, topping analysts' consensus estimates of $2.80 by $0.02. The firm had revenue of $689.90 million during the quarter, compared to analyst estimates of $759.08 million. AvalonBay Communities had a net margin of 38.91% and a return on equity of 9.70%. During the same quarter in the previous year, the business earned $2.77 EPS. AvalonBay Communities has set its FY 2025 guidance at 11.190-11.590 EPS. Q3 2025 guidance at 2.750-2.850 EPS. Analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

Insiders Place Their Bets

In other AvalonBay Communities news, EVP Edward M. Schulman sold 5,945 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the transaction, the executive vice president owned 17,617 shares of the company's stock, valued at $3,623,288.39. The trade was a 25.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin P. O'shea sold 6,000 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $207.57, for a total transaction of $1,245,420.00. Following the transaction, the chief financial officer directly owned 22,782 shares of the company's stock, valued at approximately $4,728,859.74. This represents a 20.85% decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

AvalonBay Communities Company Profile

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.