Bank of New York Mellon Corp Lowers Stake in AvalonBay Communities, Inc. $AVB

Bank of New York Mellon Corp cut its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 938,713 shares of the real estate investment trust’s stock after selling 33,243 shares during the quarter. Bank of New York Mellon Corp’s holdings in AvalonBay Communities were worth $170,198,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of AVB. BOKF NA purchased a new stake in AvalonBay Communities in the third quarter valued at approximately $31,000. Elyxium Wealth LLC purchased a new stake in AvalonBay Communities in the fourth quarter valued at approximately $32,000. AlphaQuest LLC purchased a new stake in AvalonBay Communities in 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. 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 currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVB has been the topic of a number of recent research reports. Truist Financial reduced their price target on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Barclays reduced their target price on shares of AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Piper Sandler boosted their target price on shares of AvalonBay Communities from $183.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Citigroup reduced their price objective on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Finally, Royal Bank Of Canada boosted their target price on shares of AvalonBay Communities from $180.00 to $188.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $198.44.

AvalonBay Communities Stock Performance

Shares of AVB opened at $189.72 on Friday. The firm has a 50-day moving average price of $177.59 and a 200 day moving average price of $177.38. The firm has a market capitalization of $26.39 billion, a PE ratio of 27.50, a P/E/G ratio of 3.29 and a beta of 0.78. 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, Inc. has a 52-week low of $160.10 and a 52-week high of $209.86.

AvalonBay Communities (NYSE:AVB) last announced its earnings results 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 company had revenue of $770.28 million during the quarter, compared to the consensus estimate of $768.80 million. AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. During the same quarter in the prior year, the company earned $2.83 EPS. On average, sell-side analysts anticipate that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current fiscal 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.