Danske Bank A S Invests $23.75 Million in AvalonBay Communities, Inc. $AVB

Key Points

• Danske Bank A/S initiated a $23.75 million position in AvalonBay Communities during the second quarter, purchasing 125,868 shares. Institutional investors collectively own 92.61% of the REIT.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 analyst consensus, while revenue of $777.77 million exceeded expectations. Analysts project full-year EPS of $11.33.
• The stock opened at $184.06, and analysts maintain a consensus “Hold” rating with an average price target of $196.87. AvalonBay also carries a 3.9% dividend yield based on its $7.12 annualized dividend.

Danske Bank A S purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 125,868 shares of the real estate investment trust's stock, valued at approximately $23,750,000. Danske Bank A S owned approximately 0.09% of AvalonBay Communities as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in AvalonBay Communities during the 2nd quarter worth approximately $3,368,659,000. Auto Owners Insurance Co lifted its holdings in shares of AvalonBay Communities by 18,031.0% in the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock valued at $213,677,000 after buying an additional 11,720,150 shares during the period. Norges Bank purchased a new stake in shares of AvalonBay Communities in the fourth quarter valued at approximately $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in AvalonBay Communities by 15,065.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust's stock worth $326,552,000 after acquiring an additional 1,789,195 shares during the period. Finally, Bank of America Corp DE grew its holdings in AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust's stock worth $455,077,000 after acquiring an additional 1,017,286 shares during the period. Institutional investors and hedge funds own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

NYSE AVB opened at $184.06 on Thursday. The business has a 50 day moving average price of $187.75 and a 200 day moving average price of $180.35. The company has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The firm 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 quarter in the previous year, the firm posted $2.82 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.33 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

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

Analyst Ratings Changes

AVB has been the subject of a number of recent analyst reports. Scotiabank raised their target price on AvalonBay Communities from $187.00 to $195.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Royal Bank Of Canada upped their price target on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 29th. Jefferies Financial Group upgraded shares of AvalonBay Communities to a "hold" rating in a report on Wednesday, July 22nd. UBS Group reduced their price objective on shares of 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 boosted their price objective on shares of AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, AvalonBay Communities currently has an average rating of "Hold" and a consensus target price of $196.87.

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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