Corient Private Wealth LLC Lowers Position in AvalonBay Communities, Inc. $AVB

Key Points

• Corient Private Wealth LLC reduced its stake in AvalonBay Communities by 14.8% in the fourth quarter, selling 7,775 shares and leaving it with 44,925 shares valued at about $8.15 million.
• Analyst sentiment remains cautious overall: AvalonBay has a “Hold” consensus rating with an average price target of $195.13, though several firms trimmed targets while Truist maintained a Buy rating.
• The REIT reported mixed quarterly results, with earnings of $2.33 per share missing estimates while revenue slightly beat expectations; it also declared a $1.78 quarterly dividend yielding about 3.9%.

Corient Private Wealth LLC decreased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 14.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,925 shares of the real estate investment trust's stock after selling 7,775 shares during the quarter. Corient Private Wealth LLC's holdings in AvalonBay Communities were worth $8,145,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its position in AvalonBay Communities by 1.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust's stock valued at $649,000 after buying an additional 60 shares during the period. Keybank National Association OH raised its position in shares of AvalonBay Communities by 2.6% in the fourth quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust's stock worth $446,000 after acquiring an additional 62 shares during the period. Phoenix Financial Ltd. boosted its stake in shares of AvalonBay Communities by 5.7% during the 4th quarter. Phoenix Financial Ltd. now owns 1,713 shares of the real estate investment trust's stock worth $311,000 after acquiring an additional 92 shares in the last quarter. New Mexico Educational Retirement Board boosted its stake in shares of AvalonBay Communities by 1.6% during the 4th quarter. New Mexico Educational Retirement Board now owns 6,527 shares of the real estate investment trust's stock worth $1,183,000 after acquiring an additional 100 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of AvalonBay Communities by 0.3% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 29,971 shares of the real estate investment trust's stock valued at $5,434,000 after acquiring an additional 100 shares during the period. 92.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wells Fargo & Company cut their price target on AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating for the company in a research note on Thursday, April 23rd. Scotiabank lowered their price target on AvalonBay Communities from $190.00 to $187.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 14th. Royal Bank Of Canada boosted their price objective on AvalonBay Communities from $180.00 to $188.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 29th. UBS Group reduced their target price on AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating for the company in a research note on Thursday, May 14th. Finally, Truist Financial increased their target price on AvalonBay Communities from $201.00 to $202.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat, AvalonBay Communities currently has a consensus rating of "Hold" and an average price target of $195.13.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $183.62 on Thursday. The stock has a market capitalization of $25.54 billion, a P/E ratio of 26.61, a PEG ratio of 3.18 and a beta of 0.78. The business has a 50 day simple moving average of $182.08 and a two-hundred day simple moving average of $177.66. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $206.62. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.47). The firm had revenue of $770.28 million for the quarter, compared to analysts' expectations of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same quarter in the previous year, the firm posted $2.83 earnings per share. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.28 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $1.78 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities's dividend payout ratio is presently 103.19%.

AvalonBay Communities Company 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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