Prudential Financial Inc. Buys 37,338 Shares of AvalonBay Communities, Inc. $AVB

Prudential Financial Inc. lifted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 48.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 114,246 shares of the real estate investment trust’s stock after acquiring an additional 37,338 shares during the quarter. Prudential Financial Inc. owned 0.08% of AvalonBay Communities worth $23,249,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Clearstead Trust LLC increased its holdings in AvalonBay Communities by 62.0% during the 2nd quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 62 shares during the period. Sound Income Strategies LLC increased its stake in shares of AvalonBay Communities by 76.4% during the second quarter. Sound Income Strategies LLC now owns 187 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 81 shares during the period. Keystone Global Partners LLC bought a new position in shares of AvalonBay Communities during the first quarter valued at approximately $45,000. Zions Bancorporation National Association UT bought a new position in AvalonBay Communities in the 1st quarter worth $50,000. Finally, Capital Analysts LLC lifted its holdings in AvalonBay Communities by 48.5% in the first quarter. Capital Analysts LLC now owns 245 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 80 shares during the period. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Stock Up 0.7%

NYSE:AVB opened at $181.62 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $25.72 billion, a P/E ratio of 22.18, a P/E/G ratio of 2.54 and a beta of 0.84. AvalonBay Communities, Inc. has a fifty-two week low of $166.73 and a fifty-two week high of $239.29. The company’s 50-day simple moving average is $184.49 and its 200-day simple moving average is $193.92.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Thursday, October 30th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.06). The firm had revenue of $766.80 million during the quarter, compared to analysts’ expectations of $766.22 million. AvalonBay Communities had a return on equity of 9.75% and a net margin of 38.78%.During the same quarter last year, the business earned $2.74 EPS. On average, equities analysts anticipate that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $1.75 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $7.00 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities’s payout ratio is presently 85.47%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Royal Bank Of Canada dropped their price objective on shares of AvalonBay Communities from $202.00 to $197.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 4th. UBS Group reduced their price objective on AvalonBay Communities from $216.00 to $192.00 and set a “neutral” rating for the company in a report on Monday, November 10th. BNP Paribas cut AvalonBay Communities from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Piper Sandler decreased their price objective on AvalonBay Communities from $200.00 to $190.00 and set a “neutral” rating on the stock in a research note on Monday, November 3rd. Finally, Cantor Fitzgerald started coverage on AvalonBay Communities in a report on Wednesday, October 1st. They issued a “neutral” rating and a $205.00 price target on the stock. Six research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $207.73.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.