AvalonBay Communities, Inc. $AVB Shares Sold by PensionDanmark Pensionsforsikringsaktieselskab

Key Points

• PensionDanmark cut its AvalonBay Communities stake by 84% in the second quarter, selling 21,622 shares and retaining 4,120 shares valued at approximately $777,000. Institutional investors collectively own 92.61% of AVB.
• Wall Street analysts maintain a mostly cautious outlook, with 15 Hold ratings and three Buy ratings. The consensus price target is $196.80, above the stock’s reported price of $183.70.
• AvalonBay reported quarterly earnings of $1.11 per share, missing estimates of $1.23, while revenue of $777.77 million exceeded expectations. The REIT also paid a quarterly dividend of $1.78 per share, equal to a 3.9% annualized yield.

PensionDanmark Pensionsforsikringsaktieselskab decreased its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 84.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,120 shares of the real estate investment trust's stock after selling 21,622 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab's holdings in AvalonBay Communities were worth $777,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AVB. Reflection Asset Management purchased a new position in shares of AvalonBay Communities during the fourth quarter worth approximately $25,000. Clearstead Trust LLC increased its stake in shares of AvalonBay Communities by 56.0% during the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 56 shares during the period. Zions Bancorporation National Association UT boosted its holdings in AvalonBay Communities by 300.0% in the 4th 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 in the last quarter. BOKF NA purchased a new stake in AvalonBay Communities in the 3rd quarter valued at approximately $31,000. Finally, Headlands Technologies LLC acquired a new position in AvalonBay Communities during the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 92.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVB. Scotiabank increased their target price on AvalonBay Communities from $187.00 to $195.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 9th. Truist Financial upped their price objective on AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Royal Bank Of Canada increased their price objective on AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 29th. Cantor Fitzgerald increased their price objective on AvalonBay Communities from $186.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. Finally, Jefferies Financial Group raised AvalonBay Communities to a "hold" rating in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to data from MarketBeat, AvalonBay Communities currently has an average rating of "Hold" and a consensus target price of $196.80.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $183.70 on Tuesday. The company's 50-day moving average price is $188.22 and its 200 day moving average price is $180.01. The stock has a market cap of $26.23 billion, a price-to-earnings ratio of 30.02, a PEG ratio of 3.26 and a beta of 0.76. AvalonBay Communities, Inc. has a 52 week low of $160.10 and a 52 week high of $198.63. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The business had revenue of $777.77 million for the quarter, compared to analysts' expectations of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same period last year, the business earned $2.82 earnings per share. As a group, research analysts forecast that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

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

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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