Vestcor Inc Has $7.85 Million Stock Position in AvalonBay Communities, Inc. $AVB

Key Points

• Vestcor Inc boosted its position in AvalonBay by 65.3% to 40,651 shares worth about $7.85 million, and institutional investors now own roughly 92.61% of the company.
• Analysts have trimmed targets recently; the stock carries a consensus "Hold" rating with a consensus price target of $199.66 while trading near $176.69.
• AvalonBay raised its quarterly dividend to $1.78 (annualized $7.12) for a ~4.0% yield, though the dividend payout ratio is relatively high at 85.47%.

Vestcor Inc grew its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 65.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,651 shares of the real estate investment trust's stock after purchasing an additional 16,053 shares during the quarter. Vestcor Inc's holdings in AvalonBay Communities were worth $7,853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of AVB. Russell Investments Group Ltd. increased its position in AvalonBay Communities by 10.1% during the third quarter. Russell Investments Group Ltd. now owns 245,489 shares of the real estate investment trust's stock worth $47,435,000 after buying an additional 22,475 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of AvalonBay Communities in the third quarter worth about $202,000. Natixis Advisors LLC lifted its position in shares of AvalonBay Communities by 106.3% in 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 last quarter. Ameriflex Group Inc. bought a new stake in shares of AvalonBay Communities during the 3rd quarter worth about $96,000. Finally, First Trust Advisors LP boosted its stake in shares of AvalonBay Communities by 6.4% during the 3rd quarter. First Trust Advisors LP now owns 223,074 shares of the real estate investment trust's stock worth $43,091,000 after acquiring an additional 13,356 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Piper Sandler cut their price objective on AvalonBay Communities from $190.00 to $183.00 and set a "neutral" rating on the stock in a research note on Monday, February 9th. Royal Bank Of Canada decreased their target price on AvalonBay Communities from $191.00 to $187.00 and set a "sector perform" rating for the company in a research report on Friday, February 6th. Wells Fargo & Company lowered their price target on AvalonBay Communities from $213.00 to $193.00 and set an "overweight" rating on the stock in a report on Monday, November 10th. Deutsche Bank Aktiengesellschaft lowered shares of AvalonBay Communities from a "buy" rating to a "hold" rating and set a $172.00 price target on the stock. in a research report on Tuesday, January 20th. Finally, Citigroup dropped their price target on shares of AvalonBay Communities from $212.00 to $198.00 and set a "neutral" rating on the stock in a research report on Friday, February 13th. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $199.66.

AvalonBay Communities Trading Down 0.7%

AvalonBay Communities stock opened at $176.69 on Tuesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.77 and a current ratio of 0.77. The business's 50-day simple moving average is $178.10 and its 200-day simple moving average is $182.66. The firm has a market capitalization of $24.75 billion, a PE ratio of 21.57, a PEG ratio of 3.12 and a beta of 0.75. AvalonBay Communities, Inc. has a 52 week low of $166.73 and a 52 week high of $222.38.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.01. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.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 previous year, the firm earned $2.80 EPS. Equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $1.78 dividend. 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%. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities's dividend payout ratio (DPR) is currently 85.47%.

About AvalonBay Communities

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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