Pacific Heights Asset Management LLC Buys 65,000 Shares of AvalonBay Communities, Inc. $AVB

Pacific Heights Asset Management LLC raised its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 76.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 150,000 shares of the real estate investment trust’s stock after purchasing an additional 65,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in AvalonBay Communities were worth $27,196,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp increased its stake in shares of AvalonBay Communities by 1.0% during the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust’s stock valued at $1,858,788,000 after purchasing an additional 92,467 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of AvalonBay Communities by 9.3% during the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock valued at $815,360,000 after purchasing an additional 383,983 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of AvalonBay Communities by 6.3% during the third quarter. JPMorgan Chase & Co. now owns 4,215,821 shares of the real estate investment trust’s stock valued at $814,376,000 after purchasing an additional 249,171 shares in the last quarter. Northern Trust Corp increased its stake in shares of AvalonBay Communities by 3.5% during the third quarter. Northern Trust Corp now owns 2,982,468 shares of the real estate investment trust’s stock valued at $576,123,000 after purchasing an additional 100,212 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after purchasing an additional 1,017,286 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Trading Down 0.1%

NYSE:AVB opened at $180.66 on Monday. The company’s 50 day moving average price is $172.83 and its 200-day moving average price is $176.51. AvalonBay Communities, Inc. has a 52 week low of $160.10 and a 52 week high of $209.86. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. The stock has a market cap of $25.13 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 3.12 and a beta of 0.79.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. The firm had revenue of $770.28 million for the quarter, compared to analysts’ expectations of $768.80 million. During the same quarter in the previous year, the company earned $2.83 EPS. On average, equities research analysts forecast that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AVB has been the subject of a number of analyst reports. Royal Bank Of Canada raised their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Citigroup decreased their target price on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Cantor Fitzgerald raised their target price on shares of AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AvalonBay Communities in a research note on Wednesday, April 8th. Finally, Truist Financial decreased their target price on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $196.93.

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.