SEB Asset Management AB Makes New Investment in AvalonBay Communities, Inc. $AVB

Key Points

• SEB Asset Management AB opened a new position in AvalonBay Communities during the first quarter, buying 57,477 shares valued at about $9.39 million.
• AvalonBay reported Q1 earnings of $2.33 per share, which fell short of analysts’ estimate of $2.80, though revenue of $770.28 million slightly beat expectations.
• The REIT recently paid a quarterly dividend of $1.78 per share, equal to an annualized yield of about 3.7%, while analysts currently rate the stock a consensus “Hold” with a target price of $196.80.

SEB Asset Management AB purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 57,477 shares of the real estate investment trust's stock, valued at approximately $9,389,000.

Several other large investors have also recently made changes to their positions in AVB. Empowered Funds LLC boosted its position in AvalonBay Communities by 5.7% during the first quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust's stock valued at $584,000 after purchasing an additional 148 shares in the last quarter. Guggenheim Capital LLC raised its holdings in shares of AvalonBay Communities by 2.8% during the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust's stock worth $968,000 after purchasing an additional 129 shares during the last quarter. Baird Financial Group Inc. acquired a new position in AvalonBay Communities during the second quarter valued at $1,374,000. Cresset Asset Management LLC lifted its position in AvalonBay Communities by 14.2% during the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust's stock valued at $591,000 after purchasing an additional 360 shares during the period. Finally, Bank of Nova Scotia boosted its holdings in AvalonBay Communities by 9.5% in the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust's stock valued at $3,837,000 after purchasing an additional 1,629 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $190.71 on Wednesday. The stock has a market capitalization of $27.09 billion, a P/E ratio of 27.64, a PEG ratio of 3.34 and a beta of 0.77. The business has a 50 day simple moving average of $187.09 and a two-hundred day simple moving average of $179.23. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $204.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The firm had revenue of $770.28 million during the quarter, compared to analyst estimates of $768.80 million. During the same period in the prior year, the firm earned $2.83 earnings per share. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.28 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. AvalonBay Communities's dividend payout ratio is presently 103.19%.

Analyst Upgrades and Downgrades

AVB has been the subject of a number of recent research reports. Scotiabank lifted their price objective on AvalonBay Communities from $187.00 to $195.00 and gave the company a "sector perform" rating in a research note on Thursday, July 9th. Wall Street Zen upgraded AvalonBay Communities from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Cantor Fitzgerald raised their target price on AvalonBay Communities from $186.00 to $190.00 and gave the stock a "neutral" rating in a report on Monday, May 4th. 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. Finally, UBS Group decreased their price target on AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, AvalonBay Communities presently has an average rating of "Hold" and a consensus price target of $196.80.

AvalonBay Communities Company 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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