Westpac Banking Corp Has $5.94 Million Position in AvalonBay Communities, Inc. $AVB

Westpac Banking Corp cut its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 23.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,769 shares of the real estate investment trust’s stock after selling 10,094 shares during the quarter. Westpac Banking Corp’s holdings in AvalonBay Communities were worth $5,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in 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 buying an additional 60 shares during the period. Keybank National Association OH lifted its holdings in 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 buying an additional 62 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in AvalonBay Communities by 1.5% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,779 shares of the real estate investment trust’s stock worth $1,116,000 after buying an additional 84 shares during the period. Phoenix Financial Ltd. lifted its holdings in AvalonBay Communities by 5.7% during the 4th quarter. Phoenix Financial Ltd. now owns 1,713 shares of the real estate investment trust’s stock worth $311,000 after buying an additional 92 shares during the period. Finally, New Mexico Educational Retirement Board lifted its holdings in AvalonBay Communities by 1.6% during the 4th quarter. New Mexico Educational Retirement Board now owns 6,527 shares of the real estate investment trust’s stock worth $1,183,000 after buying an additional 100 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Piper Sandler lifted their target price on AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Citigroup cut their target price on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Morgan Stanley reaffirmed an “equal weight” rating and set a $203.00 target price (down from $208.00) on shares of AvalonBay Communities in a report on Thursday, March 26th. Scotiabank cut their target price on AvalonBay Communities from $190.00 to $187.00 and set a “sector perform” rating on the stock in a report on Thursday, May 14th. Finally, Cantor Fitzgerald boosted their price objective on AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $198.44.

AvalonBay Communities Stock Up 0.2%

Shares of NYSE:AVB opened at $183.22 on Wednesday. The company has a market capitalization of $25.49 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 3.18 and a beta of 0.78. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62. The business’s 50-day moving average is $175.70 and its 200-day moving average is $177.13. AvalonBay Communities, Inc. has a 1 year low of $160.10 and a 1 year high of $209.86.

AvalonBay Communities (NYSE:AVB) last announced 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). The business had revenue of $770.28 million during the quarter, compared to analyst estimates of $768.80 million. AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. During the same period in the prior year, the firm earned $2.83 earnings per share. Equities research analysts predict that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current year.

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.