Handelsbanken Fonder AB Buys 32,137 Shares of AvalonBay Communities, Inc. $AVB

Key Points

• Handelsbanken Fonder AB increased its AvalonBay Communities stake by 41.1% in the second quarter, purchasing 32,137 additional shares and bringing its total holding to 110,350 shares worth approximately $20.8 million. Institutional investors collectively own 92.61% of the REIT.
• AvalonBay reported quarterly EPS of $1.11, missing analysts’ $1.23 estimate, while revenue of $777.77 million exceeded expectations. Shares opened at $179.59, within a 52-week range of $160.10 to $198.63.
• The company declared a quarterly dividend of $1.78, equivalent to an annualized $7.12 payout and a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $196.80.

Handelsbanken Fonder AB increased its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 41.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,350 shares of the real estate investment trust's stock after purchasing an additional 32,137 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.08% of AvalonBay Communities worth $20,822,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC lifted its holdings in shares of AvalonBay Communities by 56.0% in the 1st quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust's stock worth $25,000 after buying an additional 56 shares during the period. Red Spruce Capital LLC increased its stake in shares of AvalonBay Communities by 0.8% during the second quarter. Red Spruce Capital LLC now owns 7,985 shares of the real estate investment trust's stock valued at $1,507,000 after buying an additional 60 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 holdings 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 valued at $446,000 after acquiring an additional 62 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV raised its holdings in shares of AvalonBay Communities by 1.4% in the first quarter. Arbor Capital Management Inc. ADV now owns 6,540 shares of the real estate investment trust's stock valued at $1,090,000 after acquiring an additional 90 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $179.59 on Thursday. The company has a market capitalization of $25.65 billion, a PE ratio of 29.34, a P/E/G ratio of 3.16 and a beta of 0.76. The company has a 50-day simple moving average of $188.12 and a two-hundred day simple moving average of $180.06. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $198.63. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.54 and a current ratio of 0.54.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million during 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 period in the previous year, the firm earned $2.82 EPS. Research analysts expect that AvalonBay Communities, Inc. will post 11.31 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company 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. This represents a $7.12 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities's payout ratio is currently 116.34%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wolfe Research upgraded shares of AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 target price on the stock in a report on Monday, June 1st. Weiss Ratings lowered shares of AvalonBay Communities from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Barclays reaffirmed an "equal weight" rating and issued a $205.00 price target (up from $203.00) on shares of AvalonBay Communities in a research report on Tuesday, July 14th. Truist Financial lifted their price objective on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Royal Bank Of Canada boosted their price objective 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. Three research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to MarketBeat.com, AvalonBay Communities presently has an average rating of "Hold" and an average price target of $196.80.

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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