PNC Financial Services Group Inc. Cuts Stock Holdings in AvalonBay Communities, Inc. $AVB

PNC Financial Services Group Inc. lowered its position in AvalonBay Communities, Inc. (NYSE:AVB) by 22.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,196 shares of the real estate investment trust’s stock after selling 4,212 shares during the period. PNC Financial Services Group Inc.’s holdings in AvalonBay Communities were worth $2,319,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Reflection Asset Management purchased a new position in shares of AvalonBay Communities during the 4th quarter worth approximately $25,000. Clearstead Trust LLC boosted its stake in shares of AvalonBay Communities by 56.0% in the first 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 in the last quarter. Zions Bancorporation National Association UT boosted its stake in shares of AvalonBay Communities by 300.0% in the fourth quarter. Zions Bancorporation National Association UT now owns 160 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 120 shares in the last quarter. BOKF NA acquired a new position in AvalonBay Communities during the third quarter worth $31,000. Finally, Headlands Technologies LLC acquired a new position in AvalonBay Communities during the second quarter worth $36,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Up 1.2%

AvalonBay Communities stock opened at $192.59 on Thursday. AvalonBay Communities, Inc. has a fifty-two week low of $160.10 and a fifty-two week high of $202.07. The firm has a market capitalization of $27.36 billion, a price-to-earnings ratio of 27.91, a price-to-earnings-growth ratio of 3.31 and a beta of 0.77. The stock’s fifty day moving average is $187.77 and its two-hundred day moving average is $179.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.62.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.The firm had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. During the same period last year, the firm earned $2.82 EPS. Analysts predict that AvalonBay Communities, Inc. will post 11.29 EPS for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given 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 3.7%. AvalonBay Communities’s payout ratio is presently 103.19%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVB shares. Scotiabank increased their price objective on AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Piper Sandler upped their price target on shares of AvalonBay Communities from $195.00 to $210.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Royal Bank Of Canada increased their price target on shares of AvalonBay Communities from $180.00 to $188.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Barclays reiterated an “equal weight” rating and issued a $205.00 price target (up from $203.00) on shares of AvalonBay Communities in a report on Tuesday, July 14th. Finally, UBS Group decreased their price objective on shares of AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Three research 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.com, AvalonBay Communities presently has a consensus rating of “Hold” and a consensus price target of $196.80.

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.