The Manufacturers Life Insurance Company Raises Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

The Manufacturers Life Insurance Company raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,392 shares of the real estate investment trust’s stock after acquiring an additional 2,702 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AvalonBay Communities were worth $25,316,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AVB. &PARTNERS purchased a new stake in shares of AvalonBay Communities during the 2nd quarter worth $1,538,000. Swedbank AB purchased a new stake in shares of AvalonBay Communities during the first quarter valued at about $4,532,000. American Assets Capital Advisers LLC purchased a new stake in shares of AvalonBay Communities during the third quarter valued at about $1,014,000. Diversified Trust Co purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth approximately $1,139,000. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of AvalonBay Communities by 10.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 100,334 shares of the real estate investment trust’s stock worth $18,338,000 after acquiring an additional 9,125 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BNP Paribas began coverage on AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Truist Financial raised their price target on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. upped their price objective on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada lowered their target price on shares of AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $228.67.

AvalonBay Communities Price Performance

NYSE:AVB opened at $235.35 on Friday. The firm’s fifty day moving average is $226.85 and its two-hundred day moving average is $215.26. The firm has a market cap of $33.48 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 3.47 and a beta of 0.97. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. AvalonBay Communities, Inc. has a one year low of $169.37 and a one year high of $239.29.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The company had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same quarter in the previous year, the company earned $2.66 EPS. Research analysts expect that AvalonBay Communities, Inc. will post 11.03 EPS for the current year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is 93.02%.

Insider Activity at AvalonBay Communities

In other news, Director Timothy J. Naughton sold 2,261 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $233.78, for a total transaction of $528,576.58. Following the sale, the director now directly owns 111,436 shares of the company’s stock, valued at $26,051,508.08. This represents a 1.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.42% of the company’s stock.

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.