OVERSEA CHINESE BANKING Corp Ltd Acquires New Stake in AvalonBay Communities, Inc. $AVB

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,868 shares of the real estate investment trust’s stock, valued at approximately $2,994,000.

A number of other institutional investors have also recently made changes to their positions in AVB. B&I Capital AG acquired a new stake in shares of AvalonBay Communities during the first quarter worth $11,194,000. Principal Financial Group Inc. raised its stake in 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 worth $815,360,000 after buying an additional 383,983 shares during the last quarter. Empyrean Capital Partners LP acquired a new position in AvalonBay Communities in the first quarter valued at $9,474,000. Pacer Advisors Inc. lifted its holdings in AvalonBay Communities by 42.5% in the fourth quarter. Pacer Advisors Inc. now owns 16,167 shares of the real estate investment trust’s stock valued at $2,931,000 after buying an additional 4,820 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in AvalonBay Communities by 5.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 408,956 shares of the real estate investment trust’s stock valued at $73,808,000 after buying an additional 19,789 shares during the period. Institutional investors own 92.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVB shares. Wolfe Research upgraded AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price target for the company in a report on Monday, June 1st. Royal Bank Of Canada boosted their price objective on AvalonBay Communities from $180.00 to $188.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Weiss Ratings lowered AvalonBay Communities from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Wells Fargo & Company cut their target price on AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Finally, 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. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, AvalonBay Communities has an average rating of “Hold” and a consensus price target of $196.87.

AvalonBay Communities Stock Performance

NYSE AVB opened at $184.06 on Friday. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $198.63. The business has a fifty day simple moving average of $187.74 and a 200 day simple moving average of $180.40. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76.

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

AvalonBay Communities Dividend Announcement

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

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.