Empyrean Capital Partners LP Buys Shares of 58,000 AvalonBay Communities, Inc. $AVB

Key Points

• Empyrean Capital Partners initiated a 58,000-share position in AvalonBay Communities valued at approximately $9.47 million. Institutional investors collectively own 92.61% of AVB’s outstanding shares.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 consensus estimate, while revenue of $777.77 million exceeded expectations. Analysts project full-year EPS of $11.28.
• AVB shares opened at $187.69, and the company maintains a quarterly dividend of $1.78, equivalent to a 3.8% annualized yield. Wall Street’s consensus rating is Hold, with an average price target of $196.80.

Empyrean Capital Partners LP bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 58,000 shares of the real estate investment trust's stock, valued at approximately $9,474,000.

Other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC boosted its holdings in shares of AvalonBay Communities by 56.0% during the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in AvalonBay Communities by 1.8% in the 3rd 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 increased its stake in AvalonBay Communities by 2.6% in the 4th quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust's stock valued at $446,000 after buying an additional 62 shares during the period. Arbor Capital Management Inc. ADV lifted its position in AvalonBay Communities by 1.4% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 6,540 shares of the real estate investment trust's stock worth $1,090,000 after buying an additional 90 shares in the last quarter. Finally, Phoenix Financial Ltd. lifted its position in AvalonBay Communities by 5.7% in the 4th quarter. Phoenix Financial Ltd. now owns 1,713 shares of the real estate investment trust's stock worth $311,000 after buying an additional 92 shares in the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 1.0%

AVB stock opened at $187.69 on Tuesday. The firm has a market cap of $26.66 billion, a PE ratio of 27.20, a PEG ratio of 3.30 and a beta of 0.77. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $203.29. The company has a fifty day simple moving average of $187.54 and a 200 day simple moving average of $179.46. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The company had revenue of $777.77 million during the quarter, compared to the consensus estimate of $772.37 million. During the same period in the previous year, the business posted $2.82 earnings per share. Sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.28 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. AvalonBay Communities's dividend payout ratio is 103.19%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AVB. Jefferies Financial Group upgraded shares of AvalonBay Communities to a "hold" rating in a report on Wednesday, July 22nd. Piper Sandler boosted their target price on AvalonBay Communities from $195.00 to $210.00 and gave the company a "neutral" rating in a research note on Tuesday, July 21st. Royal Bank Of Canada upped their target price on AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 29th. Truist Financial raised their price target on AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Finally, Cantor Fitzgerald lifted their price target on AvalonBay Communities from $186.00 to $190.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Three research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $196.80.

About AvalonBay Communities

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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