7,691,993 Shares in AvalonBay Communities, Inc. $AVB Purchased by Norges Bank

Norges Bank acquired a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 7,691,993 shares of the real estate investment trust’s stock, valued at approximately $1,394,635,000. Norges Bank owned approximately 0.05% of AvalonBay Communities as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BOKF NA acquired a new position in AvalonBay Communities during the third quarter valued at approximately $31,000. AlphaQuest LLC acquired a new position in AvalonBay Communities during the third quarter valued at approximately $33,000. Headlands Technologies LLC acquired a new position in AvalonBay Communities during the second quarter valued at approximately $36,000. Elyxium Wealth LLC acquired a new position in AvalonBay Communities during the fourth quarter valued at approximately $32,000. Finally, Fulcrum Asset Management LLP acquired a new position in AvalonBay Communities during the third quarter valued at approximately $37,000. 92.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVB has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research report on Wednesday, April 8th. Piper Sandler increased their price target on AvalonBay Communities from $183.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday. Wells Fargo & Company reduced their price target on AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. Scotiabank reduced their price target on AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating for the company in a research report on Thursday, May 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $203.00 price target (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. Four equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, AvalonBay Communities currently has an average rating of “Hold” and a consensus target price of $197.73.

AvalonBay Communities Stock Performance

AVB opened at $182.68 on Friday. AvalonBay Communities, Inc. has a 12-month low of $160.10 and a 12-month high of $209.86. The stock has a market cap of $25.41 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 3.17 and a beta of 0.79. The business has a 50 day moving average of $175.35 and a 200-day moving average of $177.10. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. The business had revenue of $770.28 million during the quarter, compared to analyst estimates of $768.80 million. During the same period in the previous year, the business earned $2.83 earnings per share. On average, equities research analysts expect that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current year.

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.