Sienna Gestion Cuts Stock Holdings in AvalonBay Communities, Inc. $AVB

Key Points

• Sienna Gestion cut its stake in AvalonBay Communities by 12.8% in Q3 to 45,646 shares worth $8.04 million, while overall institutional ownership remains high at about 92.61% as other funds both added and initiated positions.
• AvalonBay raised its quarterly dividend to $1.78 (annualized $7.12), yielding about 4.0%; the ex-dividend date is March 31 and the payout ratio is roughly 86.9%.
• Recent results showed QEPS of $2.85 (beat by $0.01) on $767.9M revenue; the stock has a market cap of ~$24.9B, a P/E of 21.73, and a 12-month trading range of $166.73–$222.38.

Sienna Gestion reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 12.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,646 shares of the real estate investment trust's stock after selling 6,703 shares during the period. Sienna Gestion's holdings in AvalonBay Communities were worth $8,039,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its holdings in AvalonBay Communities by 10.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 245,489 shares of the real estate investment trust's stock worth $47,435,000 after purchasing an additional 22,475 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of AvalonBay Communities during the third quarter worth about $202,000. Natixis Advisors LLC increased its stake in shares of AvalonBay Communities by 106.3% during the third quarter. Natixis Advisors LLC now owns 139,852 shares of the real estate investment trust's stock worth $27,015,000 after buying an additional 72,072 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of AvalonBay Communities during the third quarter worth approximately $96,000. Finally, First Trust Advisors LP raised its holdings in AvalonBay Communities by 6.4% in the third quarter. First Trust Advisors LP now owns 223,074 shares of the real estate investment trust's stock valued at $43,091,000 after acquiring an additional 13,356 shares in the last quarter. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Down 0.8%

AVB stock opened at $177.94 on Monday. The stock has a market cap of $24.93 billion, a P/E ratio of 21.73, a PEG ratio of 3.12 and a beta of 0.75. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.79. AvalonBay Communities, Inc. has a twelve month low of $166.73 and a twelve month high of $222.38. The company's 50 day moving average is $178.24 and its two-hundred day moving average is $182.76.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The business had revenue of $767.86 million during the quarter, compared to analysts' expectations of $766.38 million. During the same quarter in the prior year, the business posted $2.80 EPS. Research analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from AvalonBay Communities's previous quarterly dividend of $1.75. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. AvalonBay Communities's dividend payout ratio is 86.94%.

Analyst Upgrades and Downgrades

AVB has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of AvalonBay Communities from $225.00 to $222.50 and set an "overweight" rating for the company in a report on Thursday, November 13th. UBS Group decreased their price objective on shares of AvalonBay Communities from $192.00 to $191.00 and set a "neutral" rating for the company in a research report on Thursday, January 8th. Weiss Ratings reissued a "hold (c)" rating on shares of AvalonBay Communities in a report on Friday, January 9th. Scotiabank cut their price target on AvalonBay Communities from $193.00 to $190.00 and set a "sector perform" rating on the stock in a research note on Wednesday, March 4th. Finally, Truist Financial decreased their price target on AvalonBay Communities from $203.00 to $201.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $199.66.

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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