Principal Financial Group Inc. Has $870.48 Million Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Principal Financial Group Inc. decreased its holdings in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,649,510 shares of the real estate investment trust's stock after selling 98,135 shares during the quarter. Principal Financial Group Inc. owned 3.27% of AvalonBay Communities worth $870,481,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its position in AvalonBay Communities by 6.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,123 shares of the real estate investment trust's stock valued at $536,000 after acquiring an additional 190 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of AvalonBay Communities by 7.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,792 shares of the real estate investment trust's stock worth $7,349,000 after purchasing an additional 2,874 shares during the last quarter. Advisor Partners II LLC grew its holdings in shares of AvalonBay Communities by 14.3% in the 3rd quarter. Advisor Partners II LLC now owns 9,130 shares of the real estate investment trust's stock worth $1,568,000 after purchasing an additional 1,145 shares during the last quarter. Park Avenue Securities LLC acquired a new stake in shares of AvalonBay Communities during the 3rd quarter worth about $425,000. Finally, Assetmark Inc. lifted its holdings in AvalonBay Communities by 5.3% during the 3rd quarter. Assetmark Inc. now owns 11,126 shares of the real estate investment trust's stock valued at $1,911,000 after purchasing an additional 564 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Trading Up 0.1 %

Shares of AVB stock traded up $0.12 on Monday, hitting $197.01. The stock had a trading volume of 333,738 shares, compared to its average volume of 786,085. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $198.65. The company has a fifty day moving average price of $186.07 and a two-hundred day moving average price of $180.11. The firm has a market cap of $28.01 billion, a P/E ratio of 29.27, a PEG ratio of 3.25 and a beta of 0.90.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($1.42). The business had revenue of $712.86 million during the quarter, compared to the consensus estimate of $706.61 million. AvalonBay Communities had a return on equity of 8.12% and a net margin of 34.05%. During the same quarter last year, the company earned $2.57 earnings per share. As a group, analysts forecast that AvalonBay Communities, Inc. will post 10.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

AVB has been the subject of several recent analyst reports. Barclays raised their price objective on shares of AvalonBay Communities from $204.00 to $218.00 and gave the stock an "overweight" rating in a report on Monday, April 29th. Mizuho reduced their price objective on AvalonBay Communities from $188.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 28th. Truist Financial decreased their target price on AvalonBay Communities from $201.00 to $197.00 and set a "hold" rating on the stock in a report on Tuesday, April 9th. Royal Bank of Canada lifted their price target on AvalonBay Communities from $191.00 to $196.00 and gave the company a "sector perform" rating in a report on Monday, April 29th. Finally, Piper Sandler increased their price objective on shares of AvalonBay Communities from $207.00 to $230.00 and gave the stock an "overweight" rating in a report on Monday, April 29th. Nine equities research 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 company presently has a consensus rating of "Hold" and an average price target of $201.32.

Insider Buying and Selling

In related news, CFO Kevin P. O'shea sold 5,000 shares of the firm's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the sale, the chief financial officer now directly owns 31,308 shares in the company, valued at $5,812,330.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Joanne M. Lockridge sold 1,750 shares of the stock in a transaction on Thursday, March 7th. The shares were 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 in the company, valued at $4,054,985.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin P. O'shea sold 5,000 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares of the company's stock, valued at $5,812,330.20. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

AvalonBay Communities 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.