AvalonBay Communities, Inc. (NYSE:AVB) Stake Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 0.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 988,604 shares of the real estate investment trust's stock after purchasing an additional 5,123 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of AvalonBay Communities worth $212,174,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVB. Norges Bank bought a new stake in AvalonBay Communities in the fourth quarter valued at $1,499,050,000. Price T Rowe Associates Inc. MD lifted its stake in AvalonBay Communities by 35.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,152,183 shares of the real estate investment trust's stock valued at $1,133,328,000 after buying an additional 1,336,698 shares during the last quarter. Northern Trust Corp lifted its stake in AvalonBay Communities by 54.8% in the fourth quarter. Northern Trust Corp now owns 2,642,743 shares of the real estate investment trust's stock valued at $581,324,000 after buying an additional 935,770 shares during the last quarter. Wellington Management Group LLP lifted its stake in AvalonBay Communities by 49.9% in the fourth quarter. Wellington Management Group LLP now owns 2,488,975 shares of the real estate investment trust's stock valued at $547,500,000 after buying an additional 828,009 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in AvalonBay Communities by 25.7% in the fourth quarter. Cohen & Steers Inc. now owns 3,130,108 shares of the real estate investment trust's stock valued at $688,527,000 after buying an additional 639,402 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVB. Truist Financial raised their target price on AvalonBay Communities from $229.00 to $230.00 and gave the company a "hold" rating in a research note on Monday, March 10th. BMO Capital Markets cut AvalonBay Communities from an "outperform" rating to a "market perform" rating and set a $220.00 target price on the stock. in a research note on Friday, April 4th. JPMorgan Chase & Co. cut their target price on AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 17th. Mizuho cut their target price on AvalonBay Communities from $238.00 to $213.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Finally, Royal Bank Of Canada cut their target price on AvalonBay Communities from $223.00 to $220.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, AvalonBay Communities currently has an average rating of "Hold" and an average price target of $235.86.

AvalonBay Communities Trading Down 0.1%

NYSE:AVB opened at $202.38 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.51 and a quick ratio of 0.51. AvalonBay Communities, Inc. has a fifty-two week low of $180.40 and a fifty-two week high of $239.29. The stock's 50-day moving average is $205.37 and its two-hundred day moving average is $210.74. The stock has a market cap of $28.81 billion, a PE ratio of 25.20, a price-to-earnings-growth ratio of 2.73 and a beta of 0.85.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.03. AvalonBay Communities had a return on equity of 9.65% and a net margin of 38.86%. The company had revenue of $693.43 million for the quarter, compared to analysts' expectations of $744.61 million. During the same quarter in the previous year, the business posted $2.70 EPS. As a group, equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.75 per share. The ex-dividend date is Monday, June 30th. This represents a $7.00 annualized dividend and a yield of 3.46%. AvalonBay Communities's dividend payout ratio (DPR) is presently 87.17%.

Insider Activity

In other news, EVP Edward M. Schulman sold 5,945 shares of AvalonBay Communities stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the sale, the executive vice president directly owned 17,617 shares in the company, valued at $3,623,288.39. The trade was a 25.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin P. O'shea sold 6,000 shares of AvalonBay Communities stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $207.57, for a total value of $1,245,420.00. Following the sale, the chief financial officer owned 22,782 shares of the company's stock, valued at approximately $4,728,859.74. This represents a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

AvalonBay Communities 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.

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