Korea Investment CORP Sells 49,182 Shares of AvalonBay Communities, Inc. $AVB

Key Points

• Korea Investment CORP cut its stake in AvalonBay Communities by 35.7%, selling 49,182 shares and ending the quarter with 88,589 shares (about 0.06% ownership) valued at roughly $17.11 million.
• AvalonBay raised its quarterly dividend to $1.78 (from $1.75), implying a $7.12 annual payout and a ~4.1% yield; the ex‑dividend date is March 31 and the payout ratio is 85.47%.
• The REIT slightly beat Q results with $2.85 EPS vs. $2.84 expected and $767.9M revenue, while analysts maintain a consensus "Hold" rating with an average target near $199.66 after mixed price‑target revisions.

Korea Investment CORP cut its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 35.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 88,589 shares of the real estate investment trust's stock after selling 49,182 shares during the quarter. Korea Investment CORP owned about 0.06% of AvalonBay Communities worth $17,113,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mather Group LLC. bought a new position in AvalonBay Communities in the 3rd quarter worth about $30,000. Clearstead Trust LLC increased its position in shares of AvalonBay Communities by 62.0% during the second quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 62 shares during the period. AlphaQuest LLC purchased a new stake in shares of AvalonBay Communities in the third quarter worth about $33,000. Headlands Technologies LLC bought a new position in shares of AvalonBay Communities in the second quarter valued at approximately $36,000. Finally, Atlantic Union Bankshares Corp bought a new position in shares of AvalonBay Communities in the second quarter valued at approximately $59,000. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Trading Down 1.3%

Shares of AvalonBay Communities stock opened at $174.33 on Wednesday. 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 $166.73 and a 1 year high of $217.35. The firm has a market cap of $24.42 billion, a PE ratio of 21.29, a PEG ratio of 3.10 and a beta of 0.75. The company has a 50 day simple moving average of $177.89 and a two-hundred day simple moving average of $182.52.

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

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $1.78 dividend. This is a boost from AvalonBay Communities's previous quarterly dividend of $1.75. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities's payout ratio is currently 85.47%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVB. Morgan Stanley decreased their target price on shares of AvalonBay Communities from $225.00 to $222.50 and set an "overweight" rating on the stock in a report on Thursday, November 13th. Citigroup cut their price target on shares of AvalonBay Communities from $212.00 to $198.00 and set a "neutral" rating for the company in a report on Friday, February 13th. UBS Group decreased their price target on shares of AvalonBay Communities from $192.00 to $191.00 and set a "neutral" rating on the stock in a report on Thursday, January 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of AvalonBay Communities in a research report on Friday, January 9th. Finally, Cantor Fitzgerald lifted their price objective on AvalonBay Communities from $179.00 to $186.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. Five equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $199.66.

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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