8,679 Shares in AvalonBay Communities, Inc. (NYSE:AVB) Acquired by Sterling Investment Management LLC

Sterling Investment Management LLC purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,679 shares of the real estate investment trust’s stock, valued at approximately $1,625,000. AvalonBay Communities makes up 1.2% of Sterling Investment Management LLC’s holdings, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVB. Pinnacle Bancorp Inc. bought a new stake in AvalonBay Communities during the third quarter worth $26,000. Quarry LP lifted its stake in AvalonBay Communities by 255.6% during the second quarter. Quarry LP now owns 192 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 138 shares during the last quarter. Castleview Partners LLC lifted its stake in shares of AvalonBay Communities by 1,542.9% in the 3rd quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 216 shares during the last quarter. Ronald Blue Trust Inc. lifted its stake in shares of AvalonBay Communities by 316.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 171 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its stake in shares of AvalonBay Communities by 53.7% in the 3rd quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 109 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $183.69 on Thursday. AvalonBay Communities, Inc. has a fifty-two week low of $156.54 and a fifty-two week high of $198.65. The stock has a market cap of $26.09 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 3.36 and a beta of 0.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44. The firm’s 50-day simple moving average is $178.87 and its 200 day simple moving average is $177.31.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing the consensus estimate of $2.73 by ($1.03). AvalonBay Communities had a net margin of 33.56% and a return on equity of 7.98%. The business had revenue of $704.71 million during the quarter, compared to the consensus estimate of $701.67 million. During the same period in the previous year, the business posted $2.59 EPS. As a group, research analysts anticipate that AvalonBay Communities, Inc. will post 10.81 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be given a $1.70 dividend. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $6.80 annualized dividend and a yield of 3.70%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 100.76%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $185.00 price target on shares of AvalonBay Communities in a research note on Friday, February 2nd. Morgan Stanley raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $175.00 to $191.50 in a research report on Monday, February 26th. Piper Sandler reaffirmed an “overweight” rating and set a $207.00 target price on shares of AvalonBay Communities in a research report on Tuesday. Truist Financial lowered their target price on AvalonBay Communities from $203.00 to $201.00 and set a “hold” rating for the company in a research report on Thursday, March 14th. Finally, Deutsche Bank Aktiengesellschaft began coverage on AvalonBay Communities in a research report on Tuesday, January 30th. They set a “buy” rating and a $206.00 target price for the company. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $197.03.

Insiders Place Their Bets

In other AvalonBay Communities news, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $185.65, for a total transaction of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the sale, the chief financial officer now owns 31,308 shares of the company’s stock, valued at approximately $5,812,330.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total transaction of $323,925.00. Following the completion of the sale, the executive vice president now directly owns 21,907 shares in the company, valued at approximately $4,054,985.70. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

AvalonBay Communities 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.