AvalonBay Communities, Inc. (NYSE:AVB) Short Interest Down 10.4% in March

AvalonBay Communities, Inc. (NYSE:AVB) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totalling 1,470,000 shares, a drop of 10.4% from the March 15th total of 1,640,000 shares. Based on an average daily trading volume, of 804,700 shares, the days-to-cover ratio is presently 1.8 days.

AvalonBay Communities Stock Down 1.0 %

Shares of NYSE:AVB traded down $1.74 on Wednesday, hitting $178.98. 901,183 shares of the company’s stock were exchanged, compared to its average volume of 648,886. The firm’s 50-day moving average is $180.66 and its 200 day moving average is $177.80. The company has a market capitalization of $25.45 billion, a PE ratio of 27.33, a P/E/G ratio of 3.36 and a beta of 0.92. AvalonBay Communities has a 1-year low of $160.45 and a 1-year high of $198.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.44 and a current ratio of 1.44.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Tuesday, February 6th. The real estate investment trust reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.73 by ($1.03). The business had revenue of $704.71 million for the quarter, compared to analyst estimates of $701.67 million. AvalonBay Communities had a return on equity of 7.98% and a net margin of 33.56%. During the same period in the prior year, the company posted $2.59 earnings per share. Sell-side analysts predict that AvalonBay Communities will post 10.8 EPS for the current year.

AvalonBay Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.70 per share. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Wednesday, March 27th. AvalonBay Communities’s dividend payout ratio is currently 103.82%.

Insider Buying and Selling

In related news, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $185.65, for a total transaction of $928,250.00. Following the transaction, the chief financial officer now owns 31,308 shares in the company, valued at $5,812,330.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other AvalonBay Communities news, EVP Joanne M. Lockridge sold 1,750 shares of AvalonBay Communities stock in a transaction 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 sale, the executive vice president now owns 21,907 shares in the company, valued at $4,054,985.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin P. O’shea sold 5,000 shares of AvalonBay Communities stock in a transaction 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 sale, the chief financial officer now owns 31,308 shares in the company, valued at approximately $5,812,330.20. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cetera Advisor Networks LLC lifted its holdings in shares of AvalonBay Communities by 8.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 1,485 shares of the real estate investment trust’s stock valued at $369,000 after purchasing an additional 113 shares during the last quarter. Private Advisor Group LLC raised its stake in AvalonBay Communities by 18.0% during the 1st quarter. Private Advisor Group LLC now owns 2,007 shares of the real estate investment trust’s stock valued at $499,000 after acquiring an additional 306 shares during the last quarter. Prudential PLC purchased a new stake in AvalonBay Communities during the 1st quarter valued at approximately $704,000. Cetera Investment Advisers raised its stake in AvalonBay Communities by 54.4% during the 1st quarter. Cetera Investment Advisers now owns 5,260 shares of the real estate investment trust’s stock valued at $1,306,000 after acquiring an additional 1,853 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its stake in AvalonBay Communities by 7.8% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 12,461 shares of the real estate investment trust’s stock valued at $3,095,000 after acquiring an additional 901 shares during the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on AVB. KeyCorp restated a “sector weight” rating on shares of AvalonBay Communities in a research report on Friday, January 5th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a report on Thursday, February 22nd. Morgan Stanley upgraded AvalonBay Communities from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $175.00 to $191.50 in a report on Monday, February 26th. Piper Sandler reiterated an “overweight” rating and issued a $207.00 price objective on shares of AvalonBay Communities in a report on Tuesday, March 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $185.00 price objective on shares of AvalonBay Communities in a report on Friday, February 2nd. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $196.78.

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.