Sterling Investment Management LLC Makes New Investment in AvalonBay Communities, Inc. (NYSE:AVB)

Sterling Investment Management LLC purchased a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 8,679 shares of the real estate investment trust’s stock, valued at approximately $1,625,000. AvalonBay Communities makes up about 1.2% of Sterling Investment Management LLC’s portfolio, making the stock its 29th largest position.

Other institutional investors have also made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new position in AvalonBay Communities in the 3rd quarter worth approximately $26,000. Quarry LP increased its position in shares of AvalonBay Communities by 255.6% during the second quarter. Quarry LP now owns 192 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 138 shares during the period. Castleview Partners LLC increased its position in shares of AvalonBay Communities by 1,542.9% during the third quarter. Castleview Partners LLC now owns 230 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 216 shares during the period. Ronald Blue Trust Inc. increased its position in shares of AvalonBay Communities by 316.7% during the third quarter. Ronald Blue Trust Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 171 shares during the period. Finally, Lindbrook Capital LLC increased its position in shares of AvalonBay Communities by 53.7% during the third quarter. Lindbrook Capital LLC now owns 312 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 109 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $191.00 price target on shares of AvalonBay Communities in a research note on Thursday, February 22nd. Morgan Stanley raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $175.00 to $191.50 in a research note on Monday, February 26th. Barclays raised AvalonBay Communities from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $194.00 to $204.00 in a research note on Tuesday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $185.00 price objective on shares of AvalonBay Communities in a research note on Friday, February 2nd. Finally, JPMorgan Chase & Co. raised AvalonBay Communities from an “underweight” rating to a “neutral” rating and cut their price target for the company from $201.00 to $194.00 in a research note on Wednesday, November 29th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $197.03.

AvalonBay Communities Stock Up 2.6 %

Shares of AvalonBay Communities stock opened at $183.69 on Thursday. The stock’s 50-day moving average is $178.87 and its 200 day moving average is $177.31. AvalonBay Communities, Inc. has a one year low of $156.54 and a one year high of $198.65. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 3.36 and a beta of 0.92.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.73 by ($1.03). AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. The firm had revenue of $704.71 million for the quarter, compared to analyst estimates of $701.67 million. During the same period last year, the company posted $2.59 earnings per share. Equities research analysts anticipate that AvalonBay Communities, Inc. will post 10.81 EPS for the current year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a dividend of $1.70 per share. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.65. This represents a $6.80 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio is 100.76%.

Insider Buying and Selling

In other news, CFO Kevin P. O’shea sold 5,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the sale, the chief financial officer now directly owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Joanne M. Lockridge sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $185.10, for a total value of $323,925.00. Following the completion of the transaction, the executive vice president now directly owns 21,907 shares of the company’s stock, valued at $4,054,985.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin P. O’shea sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $185.65, for a total value of $928,250.00. Following the completion of the transaction, the chief financial officer now directly owns 31,308 shares of the company’s stock, valued at $5,812,330.20. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

AvalonBay Communities Company Profile

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.