Westpac Banking Corp Invests $5.30 Million in AvalonBay Communities, Inc. $AVB

Key Points

• Westpac Banking Corp acquired 28,101 AvalonBay Communities shares in the second quarter, valued at approximately $5.3 million. Institutional investors and hedge funds collectively own 92.61% of AVB.
• AvalonBay reported quarterly earnings of $1.11 per share, missing analyst expectations of $1.23, while revenue of $777.77 million exceeded estimates. The REIT declared a quarterly dividend of $1.78, representing a 3.9% annualized yield.
• Analysts maintain a largely neutral view, with an average “Hold” rating and a $196.87 price target versus a recent share price of $184.06.

Westpac Banking Corp purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 28,101 shares of the real estate investment trust's stock, valued at approximately $5,302,000.

Other large investors have also bought and sold shares of the company. Korea Investment CORP acquired a new stake in AvalonBay Communities during the 2nd quarter worth $3,976,000. EP Wealth Advisors LLC bought a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $774,000. Callan Family Office LLC acquired a new position in shares of AvalonBay Communities in the 2nd quarter valued at $790,000. Allworth Financial LP acquired a new position in shares of AvalonBay Communities in the 2nd quarter valued at $1,500,000. Finally, B. Metzler seel. Sohn & Co. AG bought a new position in shares of AvalonBay Communities in the 2nd quarter worth $1,959,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock opened at $184.06 on Friday. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $198.63. The business has a 50-day moving average of $187.69 and a two-hundred day moving average of $180.42. The company has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. During the same quarter last year, the firm earned $2.82 EPS. As a group, equities analysts predict that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities's payout ratio is presently 116.34%.

Analysts Set New Price Targets

AVB has been the subject of a number of analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $190.00 price objective on shares of AvalonBay Communities in a research note on Wednesday. Wolfe Research upgraded AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 target price on the stock in a report on Monday, June 1st. Piper Sandler raised their target price on AvalonBay Communities from $195.00 to $210.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their target price on AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 29th. Finally, Scotiabank upped their price target 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. 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, AvalonBay Communities presently has an average rating of "Hold" and an average price target of $196.87.

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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