Glenmede Trust Co. NA Has $587,000 Position in AvalonBay Communities, Inc. (NYSE:AVB)

Glenmede Trust Co. NA reduced its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.3% in the third quarter, HoldingsChannel.com reports. The fund owned 2,606 shares of the real estate investment trust’s stock after selling 90 shares during the quarter. Glenmede Trust Co. NA’s holdings in AvalonBay Communities were worth $587,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of AvalonBay Communities in the 2nd quarter valued at about $32,000. Brooklyn Investment Group bought a new position in AvalonBay Communities in the 3rd quarter valued at about $39,000. Mather Group LLC. lifted its position in AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 56 shares in the last quarter. Prospera Private Wealth LLC bought a new position in AvalonBay Communities in the 3rd quarter valued at about $51,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in AvalonBay Communities by 38.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 73 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the transaction, the director now directly owns 87,239 shares in the company, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Evercore ISI raised their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank dropped their price target on shares of AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 14th. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $212.00 to $247.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. BNP Paribas began coverage on shares of AvalonBay Communities in a research report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 target price on the stock. Finally, Truist Financial lifted their target price on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $228.67.

AvalonBay Communities Trading Down 1.0 %

NYSE:AVB opened at $228.45 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $32.49 billion, a PE ratio of 31.25, a price-to-earnings-growth ratio of 3.37 and a beta of 0.98. The firm’s 50 day moving average is $226.76 and its 200 day moving average is $215.81. AvalonBay Communities, Inc. has a 12 month low of $169.37 and a 12 month high of $239.29.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. During the same quarter in the prior year, the firm posted $2.66 earnings per share. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.70 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a yield of 2.98%. AvalonBay Communities’s dividend payout ratio is 93.02%.

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.