Duff & Phelps Investment Management Co. Has $170.44 Million Position in AvalonBay Communities, Inc. $AVB

Key Points

• Duff & Phelps increased its stake in AvalonBay to 940,065 shares valued at about $170.44 million, representing roughly 1.9% of the firm's portfolio and about 0.66% of AvalonBay's outstanding shares, making it Duff & Phelps' 8th-largest holding.
• AvalonBay raised its quarterly dividend to $1.78 (annualized $7.12), implying a yield of about 4.2% with a payout ratio near 86.9%.
• The REIT slightly beat quarterly estimates (EPS $2.85 vs. $2.84; revenue $767.9M vs. $766.4M) while analysts maintain an aggregate "Hold" rating and an average price target of $197.

Duff & Phelps Investment Management Co. increased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 940,065 shares of the real estate investment trust's stock after buying an additional 40,216 shares during the quarter. AvalonBay Communities comprises about 1.9% of Duff & Phelps Investment Management Co.'s portfolio, making the stock its 8th biggest position. Duff & Phelps Investment Management Co. owned approximately 0.66% of AvalonBay Communities worth $170,443,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVB. Mather Group LLC. bought a new stake in shares of AvalonBay Communities during the third quarter valued at approximately $30,000. BOKF NA acquired a new stake in AvalonBay Communities in the 3rd quarter valued at $31,000. AlphaQuest LLC acquired a new stake in AvalonBay Communities in the 3rd quarter valued at $33,000. Headlands Technologies LLC bought a new stake in AvalonBay Communities during the 2nd quarter valued at $36,000. Finally, Fulcrum Asset Management LLP bought a new stake in AvalonBay Communities during the 3rd quarter valued at $37,000. Institutional investors own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

NYSE AVB opened at $169.48 on Friday. The company has a fifty day moving average price of $171.52 and a 200-day moving average price of $177.65. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 3.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.77. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $213.34.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share for the quarter, beating analysts' consensus estimates of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The company had revenue of $767.86 million for the quarter, compared to analyst estimates of $766.38 million. During the same period last year, the firm earned $2.80 earnings per share. As a group, equities research analysts predict that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $7.12 annualized dividend and a dividend yield of 4.2%. This is an increase from AvalonBay Communities's previous quarterly dividend of $1.75. AvalonBay Communities's payout ratio is 86.94%.

Analysts Set New Price Targets

A number of research firms have weighed in on AVB. Cantor Fitzgerald raised their price objective on shares of AvalonBay Communities from $179.00 to $186.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. Truist Financial decreased their target price on shares of AvalonBay Communities from $203.00 to $201.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. Citigroup lowered their target price on shares of AvalonBay Communities from $212.00 to $198.00 and set a "neutral" rating on the stock in a report on Friday, February 13th. Morgan Stanley reiterated an "equal weight" rating and set a $203.00 price target (down from $208.00) on shares of AvalonBay Communities in a research note on Thursday, March 26th. Finally, Scotiabank decreased their price objective on AvalonBay Communities from $193.00 to $190.00 and set a "sector perform" rating for the company in a report on Wednesday, March 4th. Four analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $197.00.

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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