NewEdge Wealth LLC Makes New Investment in AvalonBay Communities, Inc. $AVB

Key Points

• NewEdge Wealth purchased 7,623 shares of AvalonBay Communities in the second quarter, valued at approximately $1.44 million. Institutional investors collectively own 92.61% of the REIT.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 analyst consensus, while revenue of $777.77 million exceeded expectations. Analysts expect full-year EPS of $11.33.
• The company pays a quarterly dividend of $1.78, equivalent to an annualized $7.12 and a 3.9% yield. Wall Street’s consensus rating is “Hold”, with an average price target of $196.87 versus the reported share price of $184.06.

NewEdge Wealth LLC bought a new position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,623 shares of the real estate investment trust's stock, valued at approximately $1,438,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in AvalonBay Communities in the 2nd quarter worth approximately $3,368,659,000. Auto Owners Insurance Co raised its holdings in AvalonBay Communities by 18,031.0% during the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock valued at $213,677,000 after acquiring an additional 11,720,150 shares during the period. Norges Bank bought a new stake in AvalonBay Communities during the 4th quarter valued at $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AvalonBay Communities by 15,065.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust's stock worth $326,552,000 after acquiring an additional 1,789,195 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust's stock worth $455,077,000 after acquiring an additional 1,017,286 shares in the last quarter. Institutional investors own 92.61% of the company's stock.

AvalonBay Communities Price Performance

AVB opened at $184.06 on Friday. The company has a fifty day moving average price of $187.69 and a 200-day moving average price of $180.42. The firm has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $198.63.

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 business 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 quarter last year, the business posted $2.82 EPS. Equities research analysts expect that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 3.9%. AvalonBay Communities's dividend payout ratio (DPR) is presently 116.34%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AVB shares. Piper Sandler lifted their price target on AvalonBay Communities from $195.00 to $210.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Jefferies Financial Group raised AvalonBay Communities to a "hold" rating in a report on Wednesday, July 22nd. Scotiabank raised their target price on AvalonBay Communities from $187.00 to $195.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 9th. Wolfe Research raised AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 target price for the company in a report on Monday, June 1st. Finally, Barclays upped their price target on AvalonBay Communities from $205.00 to $206.00 and gave the company an "equal weight" rating in a research report on Monday, August 17th. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $196.87.

AvalonBay Communities 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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