Citigroup Inc. Raises Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Key Points

• Citigroup Inc. increased its holdings in AvalonBay Communities by 8.9% in Q1, owning approximately 0.12% of the company valued at $36 million.
• AvalonBay Communities recently declared a quarterly dividend of $1.75, yielding 3.8%, with a dividend payout ratio of 86.21%.
• Analysts have mixed views on AvalonBay, with an average rating of "Hold" and a consensus target price of $228.79, reflecting a recent drop in price objectives by several research firms.

Citigroup Inc. lifted its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 8.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 167,745 shares of the real estate investment trust's stock after purchasing an additional 13,743 shares during the period. Citigroup Inc. owned about 0.12% of AvalonBay Communities worth $36,001,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Proathlete Wealth Management LLC purchased a new stake in shares of AvalonBay Communities in the 1st quarter worth approximately $29,000. Opal Wealth Advisors LLC purchased a new stake in AvalonBay Communities during the first quarter valued at approximately $33,000. Ancora Advisors LLC lifted its position in 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 acquiring an additional 150 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in AvalonBay Communities during the fourth quarter valued at approximately $53,000. Finally, Continuum Advisory LLC lifted its position in AvalonBay Communities by 12,200.0% during the fourth quarter. Continuum Advisory LLC now owns 246 shares of the real estate investment trust's stock valued at $54,000 after acquiring an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Trading Up 0.5%

AvalonBay Communities stock traded up $0.87 during midday trading on Friday, hitting $190.19. 767,538 shares of the stock were exchanged, compared to its average volume of 917,636. AvalonBay Communities, Inc. has a fifty-two week low of $180.40 and a fifty-two week high of $239.29. The stock has a market capitalization of $27.08 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 2.71 and a beta of 0.86. The stock's 50-day simple moving average is $199.66 and its 200 day simple moving average is $206.42. 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 (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.02. AvalonBay Communities had a net margin of 38.91% and a return on equity of 9.70%. The firm had revenue of $689.90 million during the quarter, compared to analysts' expectations of $759.08 million. During the same period last year, the business earned $2.77 earnings per share. On average, equities analysts anticipate that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.75 per share. The ex-dividend date was Monday, June 30th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.7%. AvalonBay Communities's dividend payout ratio (DPR) is currently 86.21%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Scotiabank decreased their target price on shares of AvalonBay Communities from $236.00 to $226.00 and set a "sector perform" rating for the company in a research report on Thursday. Barclays cut their price target on shares of AvalonBay Communities from $241.00 to $228.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Morgan Stanley upgraded shares of AvalonBay Communities from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $228.00 to $225.00 in a research note on Wednesday. Piper Sandler restated a "neutral" rating and set a $200.00 price target (down previously from $255.00) on shares of AvalonBay Communities in a research report on Monday, August 4th. Finally, UBS Group dropped their price target on shares of AvalonBay Communities from $238.00 to $216.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $225.64.

Insider Transactions at AvalonBay Communities

In related news, EVP Edward M. Schulman sold 5,945 shares of AvalonBay Communities stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $205.67, for a total value of $1,222,708.15. Following the completion of the transaction, the executive vice president owned 17,617 shares in the company, valued at approximately $3,623,288.39. The trade was a 25.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin P. O'shea sold 6,000 shares of AvalonBay Communities stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $207.57, for a total transaction of $1,245,420.00. Following the completion of the transaction, the chief financial officer owned 22,782 shares of the company's stock, valued at $4,728,859.74. This trade 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 company insiders.

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.