Grassi Investment Management Sells 200 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Grassi Investment Management trimmed its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,635 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Grassi Investment Management’s holdings in AvalonBay Communities were worth $819,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Patrick M Sweeney & Associates Inc. grew its stake in AvalonBay Communities by 4.1% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 1,268 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 50 shares in the last quarter. Great Lakes Retirement Inc. grew its stake in AvalonBay Communities by 1.5% in the third quarter. Great Lakes Retirement Inc. now owns 6,181 shares of the real estate investment trust’s stock valued at $1,392,000 after purchasing an additional 94 shares in the last quarter. International Assets Investment Management LLC bought a new position in AvalonBay Communities in the third quarter valued at approximately $581,960,000. Lake Street Private Wealth LLC bought a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $203,000. Finally, Private Advisor Group LLC boosted its stake in shares of AvalonBay Communities by 15.3% during the 3rd quarter. Private Advisor Group LLC now owns 2,449 shares of the real estate investment trust’s stock worth $552,000 after acquiring an additional 325 shares during the period. 92.61% of the stock is currently owned by institutional investors.

Insider Transactions at AvalonBay Communities

In related news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $208.90, for a total value of $1,044,500.00. Following the sale, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

Analyst Ratings Changes

AVB has been the subject of several research analyst reports. UBS Group lifted their target price on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Wells Fargo & Company lifted their target price on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Piper Sandler lifted their target price on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, BNP Paribas began coverage on AvalonBay Communities in a report on Wednesday, September 11th. They set an “outperform” rating and a $250.00 price target for the company. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $225.88.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $229.54 on Thursday. The stock has a market capitalization of $32.64 billion, a PE ratio of 34.16, a P/E/G ratio of 3.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. The business has a fifty day moving average price of $224.38 and a two-hundred day moving average price of $207.73. AvalonBay Communities, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $236.26.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The business had revenue of $726.04 million for the quarter, compared to analyst estimates of $718.49 million. During the same period last year, the firm posted $2.66 EPS. As a group, equities analysts predict that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.96%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 101.19%.

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.