Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in AvalonBay Communities, Inc. $AVB

Key Points

• Mitsubishi UFJ Asset Management increased its stake in AvalonBay by 5.1% in Q4, buying 19,789 shares to hold 408,956 shares valued at about $73.8 million (roughly 0.29% of the company).
• AvalonBay missed quarterly EPS expectations, reporting $2.33 vs. $2.80 expected while revenue of $770.3M was roughly in line; the REIT has a market cap of about $25.8B and analysts project ~11.3 EPS for the fiscal year.
• Institutional ownership is very high at 92.61%, and analyst coverage is mixed with an average rating of "Hold" and an average price target of $197.47.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 408,956 shares of the real estate investment trust's stock after purchasing an additional 19,789 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.29% of AvalonBay Communities worth $73,808,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in AvalonBay Communities by 1.8% in 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 acquiring an additional 60 shares during the last quarter. PFG Investments LLC boosted its stake in AvalonBay Communities by 4.4% in the third quarter. PFG Investments LLC now owns 1,456 shares of the real estate investment trust's stock valued at $281,000 after acquiring an additional 61 shares during the last quarter. Keybank National Association OH boosted its stake in 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 during the last quarter. Global Retirement Partners LLC boosted its stake in AvalonBay Communities by 13.3% in the third quarter. Global Retirement Partners LLC now owns 564 shares of the real estate investment trust's stock valued at $109,000 after acquiring an additional 66 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in AvalonBay Communities by 1.5% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,779 shares of the real estate investment trust's stock valued at $1,116,000 after acquiring an additional 84 shares during the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $185.70 on Friday. The firm's 50 day simple moving average is $172.04 and its 200 day simple moving average is $176.66. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $25.83 billion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 3.22 and a beta of 0.79. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $209.86.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share for the quarter, missing analysts' consensus estimates of $2.80 by ($0.47). The firm had revenue of $770.28 million for the quarter, compared to the consensus estimate of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same period last year, the company posted $2.83 EPS. As a group, analysts expect that AvalonBay Communities, Inc. will post 11.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVB shares. Barclays boosted their target price on shares of AvalonBay Communities from $202.00 to $206.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Truist Financial dropped their target price on shares of AvalonBay Communities from $203.00 to $201.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. UBS Group dropped their price target on shares of AvalonBay Communities from $192.00 to $191.00 and set a "neutral" rating on the stock in a research note on Thursday, January 8th. Cantor Fitzgerald upped their price target on shares of AvalonBay Communities from $186.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft cut shares of AvalonBay Communities from a "buy" rating to a "hold" rating and set a $172.00 price target on the stock. in a research note on Tuesday, January 20th. Four 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 company currently has an average rating of "Hold" and an average price target of $197.47.

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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