Korea Investment CORP Makes New $3.98 Million Investment in AvalonBay Communities, Inc. $AVB

Korea Investment CORP purchased a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 21,074 shares of the real estate investment trust’s stock, valued at approximately $3,976,000.

A number of other hedge funds have also modified their holdings of AVB. Reflection Asset Management acquired a new stake in shares of AvalonBay Communities during the fourth quarter worth about $25,000. Clearstead Trust LLC boosted its position in AvalonBay Communities by 56.0% in the first quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 56 shares during the last quarter. Zions Bancorporation National Association UT increased its holdings in AvalonBay Communities by 300.0% in the 4th quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 120 shares during the period. BOKF NA acquired a new position in AvalonBay Communities in the 3rd quarter worth approximately $31,000. Finally, Elyxium Wealth LLC purchased a new position in AvalonBay Communities during the 4th quarter worth approximately $32,000. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Price Performance

NYSE:AVB opened at $184.06 on Tuesday. The firm has a market cap of $26.28 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. The company has a 50 day moving average price of $187.68 and a 200-day moving average price of $180.53. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.12). The business had revenue of $777.77 million during the quarter, compared to analyst estimates of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same period in the previous year, the business posted $2.82 earnings per share. Equities research analysts forecast that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 116.34%.

Wall Street Analysts Forecast Growth

Several analysts have commented on AVB shares. Scotiabank lifted their price objective on shares of AvalonBay Communities from $187.00 to $195.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Royal Bank Of Canada raised their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Barclays boosted their target price on shares of AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a research report on Monday, August 17th. 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. Finally, Piper Sandler increased their price target on AvalonBay Communities from $195.00 to $210.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $196.87.

About AvalonBay Communities

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.