Sienna Gestion Reduces Position in AvalonBay Communities, Inc. $AVB

Sienna Gestion decreased its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 12.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 45,646 shares of the real estate investment trust’s stock after selling 6,703 shares during the quarter. Sienna Gestion’s holdings in AvalonBay Communities were worth $8,039,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the company. Russell Investments Group Ltd. boosted its holdings in shares of AvalonBay Communities by 10.1% in the third quarter. Russell Investments Group Ltd. now owns 245,489 shares of the real estate investment trust’s stock valued at $47,435,000 after acquiring an additional 22,475 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of AvalonBay Communities in the 3rd quarter valued at $202,000. Natixis Advisors LLC raised its position in AvalonBay Communities by 106.3% in the 3rd quarter. Natixis Advisors LLC now owns 139,852 shares of the real estate investment trust’s stock valued at $27,015,000 after purchasing an additional 72,072 shares during the last quarter. Ameriflex Group Inc. acquired a new position in AvalonBay Communities in the third quarter valued at $96,000. Finally, First Trust Advisors LP increased its stake in AvalonBay Communities by 6.4% in the third quarter. First Trust Advisors LP now owns 223,074 shares of the real estate investment trust’s stock valued at $43,091,000 after purchasing an additional 13,356 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of AvalonBay Communities from $213.00 to $193.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Scotiabank reduced their price objective on AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 4th. Morgan Stanley decreased their price objective on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating for the company in a research report on Thursday, November 13th. Deutsche Bank Aktiengesellschaft downgraded AvalonBay Communities from a “buy” rating to a “hold” rating and set a $172.00 target price on the stock. in a research note on Tuesday, January 20th. Finally, Piper Sandler cut their price target on AvalonBay Communities from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Monday, February 9th. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $199.66.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $177.94 on Monday. The company has a market cap of $24.93 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 3.12 and a beta of 0.75. AvalonBay Communities, Inc. has a one year low of $166.73 and a one year high of $222.38. The business has a fifty day moving average of $178.24 and a two-hundred day moving average of $182.76. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.77 and a current ratio of 0.77.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The business had revenue of $767.86 million during the quarter, compared to the consensus estimate of $766.38 million. During the same quarter last year, the firm posted $2.80 EPS. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 4.0%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities’s dividend payout ratio is 86.94%.

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.