4,221 Shares in AvalonBay Communities, Inc. $AVB Bought by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC acquired a new position in AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 4,221 shares of the real estate investment trust’s stock, valued at approximately $804,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVB. Empowered Funds LLC increased its stake in AvalonBay Communities by 5.7% in the 1st quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock worth $584,000 after purchasing an additional 148 shares during the period. Guggenheim Capital LLC grew its holdings in shares of AvalonBay Communities by 2.8% in the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after purchasing an additional 129 shares during the last quarter. Baird Financial Group Inc. purchased a new position in shares of AvalonBay Communities in the second quarter worth $1,374,000. Cresset Asset Management LLC increased its stake in shares of AvalonBay Communities by 14.2% in the second quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock worth $591,000 after buying an additional 360 shares during the period. Finally, Bank of Nova Scotia raised its holdings in AvalonBay Communities by 9.5% during the 2nd quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after buying an additional 1,629 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVB. Wolfe Research raised shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price target on the stock in a report on Monday, June 1st. Truist Financial raised their target price on AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Barclays upped their price target on AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a research report on Monday, August 17th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 price objective on shares of AvalonBay Communities in a research report on Wednesday, August 19th. Three investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $196.87.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $184.06 on Tuesday. AvalonBay Communities, Inc. has a fifty-two week low of $160.10 and a fifty-two week high of $198.63. The stock’s 50 day simple moving average is $187.68 and its two-hundred day simple moving average is $180.53. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $26.28 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The firm had revenue of $777.77 million during the quarter, compared to analysts’ expectations of $772.37 million. During the same quarter in the previous year, the business earned $2.82 EPS. As a group, analysts expect that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities’s payout ratio is 116.34%.

AvalonBay Communities Profile

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.