Procyon Advisors LLC Raises Position in AvalonBay Communities, Inc. (NYSE:AVB)

Procyon Advisors LLC lifted its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 15.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,659 shares of the real estate investment trust's stock after acquiring an additional 2,522 shares during the period. Procyon Advisors LLC's holdings in AvalonBay Communities were worth $3,908,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Ancora Advisors LLC grew its position in shares of AvalonBay Communities by 1,666.7% during the fourth quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 150 shares in the last quarter. Whipplewood Advisors LLC purchased a new position in AvalonBay Communities during the 4th quarter valued at approximately $36,000. Crowley Wealth Management Inc. bought a new stake in AvalonBay Communities in the 4th quarter worth approximately $44,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in AvalonBay Communities in the 4th quarter worth approximately $53,000. Finally, Continuum Advisory LLC raised its holdings in shares of AvalonBay Communities by 12,200.0% during the 4th quarter. Continuum Advisory LLC now owns 246 shares of the real estate investment trust's stock worth $54,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Royal Bank of Canada cut their target price on shares of AvalonBay Communities from $223.00 to $220.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Truist Financial boosted their target price on shares of AvalonBay Communities from $229.00 to $230.00 and gave the stock a "hold" rating in a report on Monday, March 10th. Piper Sandler lowered their price target on shares of AvalonBay Communities from $265.00 to $255.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Evercore ISI lifted their price target on AvalonBay Communities from $230.00 to $240.00 and gave the stock an "in-line" rating in a research report on Monday, February 10th. Finally, Scotiabank upped their price objective on AvalonBay Communities from $241.00 to $251.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, AvalonBay Communities presently has a consensus rating of "Hold" and a consensus target price of $237.86.

AvalonBay Communities Trading Up 0.2%

Shares of AVB stock traded up $0.33 on Friday, reaching $203.30. 597,403 shares of the company's stock were exchanged, compared to its average volume of 720,192. The stock has a market capitalization of $28.94 billion, a PE ratio of 26.79, a P/E/G ratio of 3.11 and a beta of 0.86. AvalonBay Communities, Inc. has a 52 week low of $180.40 and a 52 week high of $239.29. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The company's fifty day simple moving average is $203.48 and its 200 day simple moving average is $214.52.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 EPS for the quarter, topping the consensus estimate of $2.80 by $0.03. AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. The company had revenue of $693.43 million for the quarter, compared to the consensus estimate of $744.61 million. During the same period last year, the business posted $2.70 EPS. As a group, analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $1.75 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.44%. AvalonBay Communities's dividend payout ratio is presently 87.17%.

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.