Van ECK Associates Corp Purchases 6,820 Shares of AvalonBay Communities, Inc. $AVB

Van ECK Associates Corp lifted its position in AvalonBay Communities, Inc. (NYSE:AVB) by 9.7% during the third quarter, Holdings Channel reports. The institutional investor owned 77,253 shares of the real estate investment trust’s stock after buying an additional 6,820 shares during the quarter. Van ECK Associates Corp’s holdings in AvalonBay Communities were worth $14,923,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Mather Group LLC. purchased a new stake in AvalonBay Communities during the third quarter valued at approximately $30,000. Clearstead Trust LLC grew its holdings in AvalonBay Communities by 62.0% in the second quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 62 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of AvalonBay Communities during the third quarter worth $33,000. Headlands Technologies LLC purchased a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $36,000. Finally, McIlrath & Eck LLC purchased a new stake in shares of AvalonBay Communities during the 2nd quarter valued at $59,000. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of NYSE AVB traded down $0.45 during mid-day trading on Friday, hitting $170.59. The stock had a trading volume of 119,324 shares, compared to its average volume of 1,138,090. The firm has a market cap of $23.90 billion, a PE ratio of 20.83, a PEG ratio of 3.01 and a beta of 0.75. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.77 and a current ratio of 0.77. The company has a 50 day moving average of $177.49 and a two-hundred day moving average of $182.37. AvalonBay Communities, Inc. has a twelve month low of $166.73 and a twelve month high of $217.32.

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

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.2%. This is a positive change 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 presently 85.47%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVB. Colliers Securities restated a “neutral” rating and set a $195.00 target price (down from $200.00) on shares of AvalonBay Communities in a research note on Thursday, December 4th. Mizuho decreased their price target on AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a research note on Monday, November 24th. Barclays lowered their price target on AvalonBay Communities from $217.00 to $202.00 and set an “overweight” rating for the company in a report on Friday, March 6th. Morgan Stanley dropped their price target on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Finally, Truist Financial decreased their price objective on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $199.66.

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.