Nuveen Asset Management LLC Reduces Position in AvalonBay Communities, Inc. (NYSE:AVB)

Nuveen Asset Management LLC cut its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,562,294 shares of the real estate investment trust's stock after selling 45,658 shares during the period. Nuveen Asset Management LLC owned about 1.10% of AvalonBay Communities worth $343,658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AVB. JPMorgan Chase & Co. lifted its position in AvalonBay Communities by 1.4% during the third quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust's stock valued at $914,627,000 after purchasing an additional 55,588 shares in the last quarter. Czech National Bank lifted its position in shares of AvalonBay Communities by 6.5% in the fourth quarter. Czech National Bank now owns 30,800 shares of the real estate investment trust's stock valued at $6,775,000 after acquiring an additional 1,868 shares in the last quarter. Wedmont Private Capital lifted its position in shares of AvalonBay Communities by 5.3% in the fourth quarter. Wedmont Private Capital now owns 1,094 shares of the real estate investment trust's stock valued at $231,000 after acquiring an additional 55 shares in the last quarter. USA Financial Formulas purchased a new position in shares of AvalonBay Communities in the fourth quarter valued at about $1,093,000. Finally, Contravisory Investment Management Inc. purchased a new position in shares of AvalonBay Communities in the fourth quarter valued at about $7,978,000. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Price Performance

Shares of AVB stock traded up $2.73 during trading hours on Friday, hitting $208.31. The stock had a trading volume of 806,835 shares, compared to its average volume of 705,689. The stock's 50-day moving average price is $205.73 and its two-hundred day moving average price is $216.79. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. AvalonBay Communities, Inc. has a one year low of $180.40 and a one year high of $239.29. The stock has a market capitalization of $29.66 billion, a price-to-earnings ratio of 27.45, a PEG ratio of 3.11 and a beta of 0.86.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.03. AvalonBay Communities had a return on equity of 9.15% and a net margin of 37.13%. The company 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 earnings per share. Equities analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on AVB. Truist Financial boosted their price objective on AvalonBay Communities from $229.00 to $230.00 and gave the company a "hold" rating in a research report on Monday, March 10th. Royal Bank of Canada lowered their price objective on AvalonBay Communities from $223.00 to $220.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley boosted their price objective on AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a research report on Thursday. Scotiabank boosted their price objective on AvalonBay Communities from $241.00 to $251.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Finally, Zelman & Associates upgraded AvalonBay Communities from a "neutral" rating to an "outperform" rating in a research report on Thursday, February 13th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $239.93.

AvalonBay Communities 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.