Resona Asset Management Co. Ltd. Acquires 5,693 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Key Points

• Resona Asset Management Co. Ltd. increased its ownership in AvalonBay Communities by 7.2%, acquiring an additional 5,693 shares, bringing its total holdings to approximately 84,261 shares valued at $18 million.
• AvalonBay recently declared a $1.75 quarterly dividend, representing a dividend yield of 3.7%, with a payout ratio of 86.21%.
• Analysts have mixed views on AvalonBay stock, with a consensus rating of "Hold" and an average price target of $227.57, indicating potential for stable performance in the real estate sector.

Resona Asset Management Co. Ltd. increased its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,261 shares of the real estate investment trust's stock after purchasing an additional 5,693 shares during the quarter. Resona Asset Management Co. Ltd. owned 0.06% of AvalonBay Communities worth $18,019,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AVB. Raymond James Financial Inc. purchased a new position in AvalonBay Communities during the 4th quarter valued at about $35,153,000. Sterling Capital Management LLC increased its holdings in AvalonBay Communities by 56.3% during the 4th quarter. Sterling Capital Management LLC now owns 8,453 shares of the real estate investment trust's stock valued at $1,859,000 after acquiring an additional 3,044 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in AvalonBay Communities by 5.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 11,100 shares of the real estate investment trust's stock valued at $2,441,000 after acquiring an additional 551 shares in the last quarter. Townsquare Capital LLC increased its holdings in AvalonBay Communities by 9.4% during the 4th quarter. Townsquare Capital LLC now owns 5,359 shares of the real estate investment trust's stock valued at $1,179,000 after acquiring an additional 459 shares in the last quarter. Finally, Mariner LLC increased its holdings in AvalonBay Communities by 8.4% during the 4th quarter. Mariner LLC now owns 17,027 shares of the real estate investment trust's stock valued at $3,745,000 after acquiring an additional 1,326 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company's stock.

Insider Buying and Selling

In other AvalonBay Communities news, EVP Edward M. Schulman sold 5,945 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the transaction, the executive vice president owned 17,617 shares of the company's stock, valued at $3,623,288.39. This represents a 25.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevin P. O'shea sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $207.57, for a total value of $1,245,420.00. Following the sale, the chief financial officer owned 22,782 shares in the company, valued at approximately $4,728,859.74. This represents a 20.85% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. UBS Group dropped their target price on shares of AvalonBay Communities from $238.00 to $216.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Piper Sandler reiterated a "neutral" rating and set a $200.00 price target (down from $255.00) on shares of AvalonBay Communities in a report on Monday, August 4th. Barclays lowered their price target on shares of AvalonBay Communities from $241.00 to $228.00 and set an "equal weight" rating for the company in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on shares of AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating for the company in a report on Tuesday, June 17th. Finally, Mizuho reiterated a "neutral" rating and set a $199.00 price target (down from $213.00) on shares of AvalonBay Communities in a report on Thursday. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $225.64.

AvalonBay Communities Trading Up 0.5%

NYSE:AVB traded up $0.87 on Friday, hitting $190.19. 767,538 shares of the stock were exchanged, compared to its average volume of 819,210. The stock has a market capitalization of $27.08 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 2.74 and a beta of 0.86. AvalonBay Communities, Inc. has a 52 week low of $180.40 and a 52 week high of $239.29. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.70 and a current ratio of 0.70. The company's 50-day moving average price is $199.92 and its 200 day moving average price is $206.62.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 EPS for the quarter, beating analysts' consensus estimates of $2.80 by $0.02. The company had revenue of $689.90 million during the quarter, compared to analysts' expectations of $759.08 million. AvalonBay Communities had a return on equity of 9.70% and a net margin of 38.91%. During the same period in the prior year, the business posted $2.77 EPS. On average, equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.00 dividend on an annualized basis and a yield of 3.7%. AvalonBay Communities's dividend payout ratio is 86.21%.

AvalonBay Communities Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.