Pinnacle Bancorp Inc. Acquires 75 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Pinnacle Bancorp Inc. increased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 50.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 225 shares of the real estate investment trust’s stock after purchasing an additional 75 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in AvalonBay Communities were worth $42,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVB. West Coast Financial LLC lifted its stake in AvalonBay Communities by 3.9% during the 1st quarter. West Coast Financial LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $321,000 after acquiring an additional 65 shares during the period. First Affirmative Financial Network boosted its holdings in AvalonBay Communities by 4.8% in the fourth quarter. First Affirmative Financial Network now owns 1,494 shares of the real estate investment trust’s stock worth $280,000 after purchasing an additional 69 shares during the last quarter. Czech National Bank grew its position in AvalonBay Communities by 0.3% in the 1st quarter. Czech National Bank now owns 24,959 shares of the real estate investment trust’s stock worth $4,631,000 after purchasing an additional 86 shares during the period. Wealth Alliance raised its stake in AvalonBay Communities by 5.8% during the 4th quarter. Wealth Alliance now owns 1,595 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 88 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its stake in AvalonBay Communities by 4.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 2,252 shares of the real estate investment trust’s stock valued at $422,000 after buying an additional 91 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AVB. Barclays raised their price target on AvalonBay Communities from $204.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Piper Sandler upped their price target on shares of AvalonBay Communities from $207.00 to $230.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Truist Financial raised their price objective on shares of AvalonBay Communities from $207.00 to $213.00 and gave the stock a “hold” rating in a report on Monday, June 24th. Morgan Stanley upped their target price on shares of AvalonBay Communities from $203.00 to $209.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of AvalonBay Communities from $194.00 to $212.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AvalonBay Communities presently has a consensus rating of “Hold” and a consensus target price of $206.89.

AvalonBay Communities Price Performance

NYSE:AVB opened at $206.82 on Friday. The company has a market capitalization of $29.41 billion, a P/E ratio of 30.78, a P/E/G ratio of 3.01 and a beta of 0.93. The business’s 50-day moving average is $196.75 and its 200 day moving average is $186.80. 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 12 month low of $160.45 and a 12 month high of $208.45.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($1.42). AvalonBay Communities had a net margin of 34.05% and a return on equity of 8.12%. The firm had revenue of $712.86 million for the quarter, compared to the consensus estimate of $706.61 million. During the same quarter in the prior year, the company posted $2.57 earnings per share. On average, equities research analysts forecast that AvalonBay Communities, Inc. will post 10.92 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.29%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 101.19%.

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.