Fifth Third Bancorp Has $1.49 Million Stock Position in AvalonBay Communities, Inc. (NYSE:AVB)

Fifth Third Bancorp reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 7.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,186 shares of the real estate investment trust’s stock after selling 586 shares during the period. Fifth Third Bancorp’s holdings in AvalonBay Communities were worth $1,487,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of AvalonBay Communities in the 4th quarter valued at approximately $1,271,756,000. Cbre Investment Management Listed Real Assets LLC raised its holdings in AvalonBay Communities by 70.8% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 835,133 shares of the real estate investment trust’s stock worth $156,354,000 after purchasing an additional 346,214 shares during the period. Heitman Real Estate Securities LLC raised its holdings in AvalonBay Communities by 307.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 351,104 shares of the real estate investment trust’s stock worth $65,734,000 after purchasing an additional 264,923 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of AvalonBay Communities by 14.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,980,675 shares of the real estate investment trust’s stock worth $367,534,000 after purchasing an additional 249,400 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of AvalonBay Communities by 4,563.7% in the 1st quarter. SG Americas Securities LLC now owns 212,803 shares of the real estate investment trust’s stock valued at $39,488,000 after buying an additional 208,240 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Mizuho raised their price objective on AvalonBay Communities from $185.00 to $194.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Morgan Stanley increased their target price on AvalonBay Communities from $203.00 to $209.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Barclays increased their target price on AvalonBay Communities from $204.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Wells Fargo & Company lifted their price target on shares of AvalonBay Communities from $210.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Truist Financial upped their price target on shares of AvalonBay Communities from $207.00 to $213.00 and gave the company a “hold” rating in a report on Monday, June 24th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $211.12.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $217.03 on Thursday. The stock has a market capitalization of $30.86 billion, a PE ratio of 32.30, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $218.79. The stock has a 50 day moving average price of $206.66 and a 200 day moving average price of $193.37. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.07.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). The firm had revenue of $726.04 million during the quarter, compared to the consensus estimate of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the prior year, the business posted $2.66 earnings per share. Analysts predict that AvalonBay Communities, Inc. will post 10.97 earnings per share for the current fiscal year.

Insider Activity

In other news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Keri A. Shea sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total value of $414,340.00. Following the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at approximately $908,026.11. The disclosure for this sale can be found here. Insiders own 0.42% 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.