Sumitomo Mitsui Trust Holdings Inc. Grows Position in AvalonBay Communities, Inc. (NYSE:AVB)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 994,505 shares of the real estate investment trust's stock after purchasing an additional 21,760 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.70% of AvalonBay Communities worth $186,191,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. State Street Corp raised its position in shares of AvalonBay Communities by 5.6% during the 1st quarter. State Street Corp now owns 10,087,597 shares of the real estate investment trust's stock valued at $1,711,547,000 after acquiring an additional 531,677 shares in the last quarter. Norges Bank acquired a new stake in shares of AvalonBay Communities during the 4th quarter valued at approximately $1,001,550,000. JPMorgan Chase & Co. raised its position in shares of AvalonBay Communities by 18.5% during the 1st quarter. JPMorgan Chase & Co. now owns 4,863,429 shares of the real estate investment trust's stock valued at $817,348,000 after acquiring an additional 759,388 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AvalonBay Communities by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,833,571 shares of the real estate investment trust's stock valued at $812,332,000 after acquiring an additional 106,604 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of AvalonBay Communities by 2.1% during the 1st quarter. Geode Capital Management LLC now owns 3,157,645 shares of the real estate investment trust's stock valued at $529,565,000 after acquiring an additional 66,300 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

AVB traded down $3.06 during midday trading on Monday, reaching $180.72. The company's stock had a trading volume of 648,976 shares, compared to its average volume of 818,300. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.68. The company has a fifty day simple moving average of $180.32 and a 200 day simple moving average of $177.68. The stock has a market cap of $25.69 billion, a P/E ratio of 27.61, a PEG ratio of 3.42 and a beta of 0.92. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $198.65.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 EPS for the quarter, missing the consensus estimate of $2.73 by ($1.03). The business had revenue of $704.71 million during the quarter, compared to the consensus estimate of $701.67 million. AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. During the same period in the prior year, the firm earned $2.59 earnings per share. Research analysts expect that AvalonBay Communities, Inc. will post 10.8 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be given a $1.70 dividend. This is an increase from AvalonBay Communities's previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a yield of 3.76%. The ex-dividend date is Wednesday, March 27th. AvalonBay Communities's payout ratio is currently 103.82%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AVB shares. Barclays upgraded AvalonBay Communities from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $194.00 to $204.00 in a research note on Tuesday, February 20th. Piper Sandler reaffirmed an "overweight" rating and set a $207.00 target price on shares of AvalonBay Communities in a research note on Tuesday, March 26th. Mizuho decreased their target price on AvalonBay Communities from $188.00 to $185.00 and set a "neutral" rating for the company in a research note on Wednesday, February 28th. KeyCorp reaffirmed a "sector weight" rating on shares of AvalonBay Communities in a research note on Friday, January 5th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $185.00 target price on shares of AvalonBay Communities in a report on Friday, February 2nd. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $196.78.

Insiders Place Their Bets

In other news, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the sale, the executive vice president now owns 21,907 shares of the company's stock, valued at approximately $4,054,985.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Kevin P. O'shea sold 5,000 shares of AvalonBay Communities stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company's stock, valued at approximately $5,812,330.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of the business's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.