OVERSEA CHINESE BANKING Corp Ltd Acquires New Stake in AvalonBay Communities, Inc. $AVB

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 15,868 shares of AvalonBay Communities in the second quarter, valued at approximately $2.99 million. Institutional investors collectively own 92.61% of AVB’s outstanding stock.
• Analysts maintain a largely cautious outlook, with three Buy ratings and 15 Hold ratings; the consensus rating is Hold with an average price target of $196.87.
• AvalonBay reported quarterly EPS of $1.11, missing the $1.23 consensus estimate, while revenue of $777.77 million exceeded expectations. The REIT pays a $1.78 quarterly dividend, or $7.12 annually, yielding about 3.9%.

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,868 shares of the real estate investment trust's stock, valued at approximately $2,994,000.

A number of other institutional investors have also recently made changes to their positions in AVB. B&I Capital AG acquired a new stake in shares of AvalonBay Communities during the first quarter worth $11,194,000. Principal Financial Group Inc. raised its stake in AvalonBay Communities by 9.3% during the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust's stock worth $815,360,000 after buying an additional 383,983 shares during the last quarter. Empyrean Capital Partners LP acquired a new position in AvalonBay Communities in the first quarter valued at $9,474,000. Pacer Advisors Inc. lifted its holdings in AvalonBay Communities by 42.5% in the fourth quarter. Pacer Advisors Inc. now owns 16,167 shares of the real estate investment trust's stock valued at $2,931,000 after buying an additional 4,820 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in AvalonBay Communities by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 408,956 shares of the real estate investment trust's stock valued at $73,808,000 after buying an additional 19,789 shares during the period. Institutional investors own 92.61% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVB shares. Wolfe Research upgraded AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 price target for the company in a report on Monday, June 1st. Royal Bank Of Canada boosted their price objective on AvalonBay Communities from $180.00 to $188.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 29th. Weiss Ratings lowered AvalonBay Communities from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Wells Fargo & Company cut their target price on AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. Finally, Truist Financial raised their target price on AvalonBay Communities from $201.00 to $202.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to MarketBeat, AvalonBay Communities has an average rating of "Hold" and a consensus price target of $196.87.

AvalonBay Communities Stock Performance

NYSE AVB opened at $184.06 on Friday. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $198.63. The business has a fifty day simple moving average of $187.74 and a 200 day simple moving average of $180.40. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share 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 in the previous year, the firm earned $2.82 EPS. On average, analysts predict that AvalonBay Communities, Inc. will post 11.33 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities's payout ratio is currently 116.34%.

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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