Pacific Heights Asset Management LLC Buys 25,000 Shares of AvalonBay Communities, Inc. $AVB

Pacific Heights Asset Management LLC raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 41.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 85,000 shares of the real estate investment trust’s stock after purchasing an additional 25,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in AvalonBay Communities were worth $16,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in AVB. Vanguard Group Inc. increased its holdings in shares of AvalonBay Communities by 0.6% in the second quarter. Vanguard Group Inc. now owns 22,800,375 shares of the real estate investment trust’s stock worth $4,639,876,000 after purchasing an additional 127,693 shares during the last quarter. State Street Corp increased its stake in AvalonBay Communities by 2.0% in the 2nd quarter. State Street Corp now owns 9,445,499 shares of the real estate investment trust’s stock worth $1,938,326,000 after acquiring an additional 182,952 shares during the last quarter. Norges Bank bought a new stake in AvalonBay Communities in the 2nd quarter worth approximately $1,394,225,000. JPMorgan Chase & Co. raised its holdings in shares of AvalonBay Communities by 4.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,966,650 shares of the real estate investment trust’s stock worth $807,220,000 after acquiring an additional 152,220 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of AvalonBay Communities by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 3,875,614 shares of the real estate investment trust’s stock valued at $785,551,000 after acquiring an additional 57,599 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

AvalonBay Communities stock opened at $182.47 on Tuesday. AvalonBay Communities, Inc. has a 12-month low of $166.73 and a 12-month high of $230.21. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $180.05 and a 200-day moving average price of $187.24. The firm has a market capitalization of $25.84 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 3.10 and a beta of 0.75.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Thursday, October 30th. The real estate investment trust reported $2.75 earnings per share 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 9.72% and a net margin of 38.78%.During the same period last year, the company earned $2.74 earnings per share. As a group, equities research analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, December 31st. AvalonBay Communities’s dividend payout ratio (DPR) is currently 85.47%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of AvalonBay Communities from $200.00 to $190.00 and set a “neutral” rating on the stock in a research report on Monday, November 3rd. BNP Paribas downgraded shares of AvalonBay Communities from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Evercore ISI restated an “in-line” rating and set a $214.00 target price on shares of AvalonBay Communities in a research report on Monday, November 3rd. BNP Paribas Exane lowered AvalonBay Communities from an “outperform” rating to a “neutral” rating in a research report on Monday, September 29th. Finally, Cantor Fitzgerald assumed coverage on AvalonBay Communities in a research note on Wednesday, October 1st. They set a “neutral” rating and a $205.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $205.75.

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.