SteelPeak Wealth LLC Takes $2.37 Million Position in AvalonBay Communities, Inc. (NYSE:AVB)

SteelPeak Wealth LLC purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,941 shares of the real estate investment trust's stock, valued at approximately $2,367,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC increased its holdings in shares of AvalonBay Communities by 1.4% in the 4th quarter. Hsbc Holdings PLC now owns 604,010 shares of the real estate investment trust's stock worth $132,751,000 after buying an additional 8,439 shares during the last quarter. Sei Investments Co. increased its holdings in shares of AvalonBay Communities by 14.1% in the 4th quarter. Sei Investments Co. now owns 344,139 shares of the real estate investment trust's stock worth $75,701,000 after buying an additional 42,416 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in AvalonBay Communities by 7.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 20,783 shares of the real estate investment trust's stock valued at $4,572,000 after purchasing an additional 1,441 shares during the last quarter. Achmea Investment Management B.V. grew its holdings in AvalonBay Communities by 33.5% during the 1st quarter. Achmea Investment Management B.V. now owns 23,068 shares of the real estate investment trust's stock valued at $4,951,000 after purchasing an additional 5,791 shares during the last quarter. Finally, Vert Asset Management LLC grew its holdings in AvalonBay Communities by 5.0% during the 1st quarter. Vert Asset Management LLC now owns 66,660 shares of the real estate investment trust's stock valued at $14,307,000 after purchasing an additional 3,199 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

Insider Activity at AvalonBay Communities

In other news, CFO Kevin P. O'shea sold 6,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer owned 22,782 shares in the company, valued at $4,728,859.74. This trade represents a 20.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Edward M. Schulman sold 5,945 shares of the stock in a transaction dated Friday, June 13th. The shares were 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 disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Analysts Set New Price Targets

AVB has been the topic of a number of research analyst reports. Piper Sandler dropped their target price on shares of AvalonBay Communities from $265.00 to $255.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Scotiabank lowered their price target on shares of AvalonBay Communities from $251.00 to $236.00 and set a "sector perform" rating for the company in a research report on Friday, June 13th. 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 research report on Tuesday, June 17th. Mizuho lowered their price target on shares of AvalonBay Communities from $238.00 to $213.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. Finally, Barclays increased their target price on shares of AvalonBay Communities from $227.00 to $240.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, AvalonBay Communities currently has a consensus rating of "Hold" and a consensus target price of $235.86.

AvalonBay Communities Trading Down 0.4%

AVB stock traded down $0.89 during trading on Friday, reaching $201.81. 513,219 shares of the stock were exchanged, compared to its average volume of 745,521. 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 business has a 50 day moving average price of $204.74 and a 200-day moving average price of $210.33. AvalonBay Communities, Inc. has a 1 year low of $180.40 and a 1 year high of $239.29. The firm has a market capitalization of $28.73 billion, a price-to-earnings ratio of 25.13, a P/E/G ratio of 2.73 and a beta of 0.85.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.03. AvalonBay Communities had a net margin of 38.86% and a return on equity of 9.65%. The business had revenue of $693.43 million during the quarter, compared to analysts' expectations of $744.61 million. During the same period last year, the business earned $2.70 earnings per share. On average, research analysts predict 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 will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Monday, June 30th. AvalonBay Communities's dividend payout ratio (DPR) is presently 87.17%.

About AvalonBay Communities

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.