Spirit of America Management Corp NY Boosts Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Spirit of America Management Corp NY lifted its stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 11.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,890 shares of the real estate investment trust's stock after buying an additional 1,700 shares during the period. Spirit of America Management Corp NY's holdings in AvalonBay Communities were worth $3,625,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Proathlete Wealth Management LLC purchased a new position in AvalonBay Communities during the 1st quarter valued at about $29,000. Opal Wealth Advisors LLC purchased a new position in AvalonBay Communities during the 1st quarter valued at about $33,000. Ancora Advisors LLC increased its holdings in AvalonBay Communities by 1,666.7% during the 4th quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 150 shares during the period. Whipplewood Advisors LLC purchased a new position in AvalonBay Communities during the 4th quarter valued at about $36,000. Finally, Crowley Wealth Management Inc. purchased a new position in AvalonBay Communities during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Stock Up 0.4%

Shares of AVB stock traded up $0.88 during midday trading on Monday, reaching $207.89. 975,884 shares of the stock were exchanged, compared to its average volume of 731,762. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.70. The company's 50 day moving average is $205.50 and its two-hundred day moving average is $212.21. AvalonBay Communities, Inc. has a 1 year low of $180.40 and a 1 year high of $239.29. The firm has a market cap of $29.60 billion, a PE ratio of 25.89, a price-to-earnings-growth ratio of 2.82 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $2.83 EPS for the quarter, topping analysts' consensus estimates of $2.80 by $0.03. AvalonBay Communities had a return on equity of 9.65% and a net margin of 38.86%. The firm had revenue of $693.43 million for the quarter, compared to analysts' expectations of $744.61 million. During the same period in the previous year, the firm posted $2.70 EPS. On average, equities research analysts predict that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.75 per share. The ex-dividend date is Monday, June 30th. This represents a $7.00 annualized dividend and a yield of 3.37%. AvalonBay Communities's dividend payout ratio is 87.17%.

Analyst Upgrades and Downgrades

AVB has been the topic of a number of research analyst reports. Scotiabank reduced their price target on AvalonBay Communities from $251.00 to $236.00 and set a "sector perform" rating on the stock in a report on Friday, June 13th. Piper Sandler reduced their price target on AvalonBay Communities from $265.00 to $255.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. BMO Capital Markets downgraded AvalonBay Communities from an "outperform" rating to a "market perform" rating and set a $220.00 price target on the stock. in a report on Friday, April 4th. Morgan Stanley boosted their price target on AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. reduced their target price on AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating on the stock in a report on Tuesday, June 17th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, AvalonBay Communities has a consensus rating of "Hold" and an average price target of $235.86.

Insider Buying and Selling at AvalonBay Communities

In other news, EVP Edward M. Schulman sold 5,945 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin P. O'shea sold 6,000 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $207.57, for a total value of $1,245,420.00. Following the transaction, the chief financial officer now directly owns 22,782 shares in the company, valued at $4,728,859.74. The trade was a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.45% of the company's stock.

AvalonBay Communities Company 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.