Westpac Banking Corp Purchases Shares of 28,101 AvalonBay Communities, Inc. $AVB

Westpac Banking Corp purchased a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,101 shares of the real estate investment trust’s stock, valued at approximately $5,302,000.

A number of other hedge funds have also modified their holdings of AVB. Clearstead Trust LLC raised its position in AvalonBay Communities by 56.0% in the 1st quarter. Clearstead Trust LLC now owns 156 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 56 shares during the last quarter. Red Spruce Capital LLC boosted its position in AvalonBay Communities by 0.8% during the 2nd quarter. Red Spruce Capital LLC now owns 7,985 shares of the real estate investment trust’s stock worth $1,507,000 after acquiring an additional 60 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of AvalonBay Communities by 1.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust’s stock worth $649,000 after acquiring an additional 60 shares in the last quarter. Keybank National Association OH grew its stake in shares of AvalonBay Communities by 2.6% during the 4th quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust’s stock worth $446,000 after acquiring an additional 62 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV grew its stake in shares of AvalonBay Communities by 1.4% during the 1st quarter. Arbor Capital Management Inc. ADV now owns 6,540 shares of the real estate investment trust’s stock worth $1,090,000 after acquiring an additional 90 shares in the last quarter. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Stock Performance

NYSE AVB opened at $184.06 on Friday. The firm has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. 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’s fifty day moving average price is $187.69 and its two-hundred day moving average price is $180.42. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $198.63.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million during the quarter, compared to the consensus estimate of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same period last year, the business earned $2.82 EPS. As a group, research analysts anticipate that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $1.78 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Truist Financial raised their target price on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Barclays raised their target price on shares of AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a research report on Monday, August 17th. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price target on shares of AvalonBay Communities in a research report on Wednesday. Finally, Jefferies Financial Group upgraded shares of AvalonBay Communities to a “hold” rating in a research note on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, AvalonBay Communities currently has a consensus rating of “Hold” and an average target price of $196.87.

AvalonBay Communities Company Profile

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.