Illinois Municipal Retirement Fund Has $8.45 Million Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Illinois Municipal Retirement Fund reduced its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 18.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,113 shares of the real estate investment trust's stock after selling 10,204 shares during the period. Illinois Municipal Retirement Fund's holdings in AvalonBay Communities were worth $8,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. acquired a new position in AvalonBay Communities during the 3rd quarter valued at about $26,000. Ronald Blue Trust Inc. increased its position in AvalonBay Communities by 316.7% during the 3rd quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 171 shares in the last quarter. Castleview Partners LLC increased its holdings in shares of AvalonBay Communities by 1,542.9% in the third quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 216 shares during the period. Arlington Trust Co LLC acquired a new position in shares of AvalonBay Communities in the fourth quarter valued at about $45,000. Finally, Lindbrook Capital LLC increased its holdings in shares of AvalonBay Communities by 53.7% in the third quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust's stock valued at $54,000 after purchasing an additional 109 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

AvalonBay Communities Price Performance

AVB stock traded up $2.68 during mid-day trading on Wednesday, reaching $191.34. 886,943 shares of the company's stock were exchanged, compared to its average volume of 811,390. The company has a market cap of $27.20 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 3.48 and a beta of 0.92. The stock's 50 day moving average is $181.74 and its 200 day moving average is $178.34. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. AvalonBay Communities, Inc. has a 12-month low of $160.45 and a 12-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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.73 by ($1.03). The business had revenue of $704.71 million for the quarter, compared to analysts' expectations of $701.67 million. AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. During the same quarter in the prior year, the company posted $2.59 EPS. On average, research analysts expect that AvalonBay Communities, Inc. will post 10.8 EPS for the current year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $6.80 dividend on an annualized basis and a yield of 3.55%. This is an increase from AvalonBay Communities's previous quarterly dividend of $1.65. AvalonBay Communities's dividend payout ratio is currently 103.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler reissued an "overweight" rating and issued a $207.00 price objective on shares of AvalonBay Communities in a report on Tuesday, March 26th. Mizuho cut their price objective on AvalonBay Communities from $188.00 to $185.00 and set a "neutral" rating on the stock in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on AvalonBay Communities in a report on Tuesday, January 30th. They issued a "buy" rating and a $206.00 price objective on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $191.00 price objective on shares of AvalonBay Communities in a report on Thursday, February 22nd. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $185.00 price objective on shares of AvalonBay Communities in a report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $196.78.

About AvalonBay Communities

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.