Van ECK Associates Corp Acquires 7,397 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Van ECK Associates Corp lifted its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,931 shares of the real estate investment trust's stock after acquiring an additional 7,397 shares during the quarter. Van ECK Associates Corp's holdings in AvalonBay Communities were worth $11,033,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Castleview Partners LLC grew its stake in AvalonBay Communities by 1,542.9% during the 3rd quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 216 shares in the last quarter. Arlington Trust Co LLC purchased a new position in AvalonBay Communities during the fourth quarter valued at approximately $45,000. Lindbrook Capital LLC increased its stake in AvalonBay Communities by 53.7% in the 3rd quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust's stock valued at $54,000 after buying an additional 109 shares during the period. Sandy Spring Bank lifted its position in AvalonBay Communities by 4,428.6% in the 3rd quarter. Sandy Spring Bank now owns 317 shares of the real estate investment trust's stock worth $54,000 after buying an additional 310 shares in the last quarter. Finally, Bear Mountain Capital Inc. acquired a new stake in shares of AvalonBay Communities during the 4th quarter valued at $66,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

Shares of NYSE AVB traded up $0.39 during mid-day trading on Friday, hitting $192.84. The company had a trading volume of 572,980 shares, compared to its average volume of 812,525. AvalonBay Communities, Inc. has a 12 month low of $160.45 and a 12 month high of $198.65. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market cap of $27.42 billion, a P/E ratio of 28.70, a PEG ratio of 3.20 and a beta of 0.90. The business's 50-day simple moving average is $183.72 and its 200-day simple moving average is $179.03.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.64 by ($1.42). The firm had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. During the same quarter in the prior year, the firm posted $2.57 earnings per share. As a group, analysts predict that AvalonBay Communities, Inc. will post 10.85 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Kevin P. O'shea sold 5,000 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the completion of the sale, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Kevin P. O'shea sold 5,000 shares of the stock in a transaction 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 in the company, valued at $5,812,330.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction dated 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 transaction, the executive vice president now directly owns 21,907 shares of the company's stock, valued at $4,054,985.70. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVB shares. Deutsche Bank Aktiengesellschaft assumed coverage on AvalonBay Communities in a report on Tuesday, January 30th. They set a "buy" rating and a $206.00 price target for the company. KeyCorp reaffirmed a "sector weight" rating on shares of AvalonBay Communities in a research note on Friday, January 5th. The Goldman Sachs Group reissued a "neutral" rating and set a $191.00 target price on shares of AvalonBay Communities in a research report on Thursday, February 22nd. Argus boosted their price target on AvalonBay Communities from $188.00 to $212.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Barclays raised their price objective on AvalonBay Communities from $204.00 to $218.00 and gave the company an "overweight" rating in a research note on Monday. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $200.50.

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.