SummitTX Capital L.P. Makes New Investment in AvalonBay Communities, Inc. $AVB

SummitTX Capital L.P. bought a new position in AvalonBay Communities, Inc. (NYSE:AVB) in the first quarter, Holdings Channel.com reports. The firm bought 5,207 shares of the real estate investment trust’s stock, valued at approximately $851,000.

A number of other hedge funds also recently made changes to their positions in the stock. Auto Owners Insurance Co lifted its stake in AvalonBay Communities by 18,031.0% in the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock valued at $213,677,000 after purchasing an additional 11,720,150 shares during the last quarter. State Street Corp increased its holdings in shares of AvalonBay Communities by 1.0% during the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust’s stock worth $1,858,788,000 after buying an additional 92,467 shares in the last quarter. Norges Bank acquired a new position in shares of AvalonBay Communities during the fourth quarter worth $1,394,635,000. JPMorgan Chase & Co. lifted its stake in shares of AvalonBay Communities by 22.4% in the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust’s stock valued at $935,551,000 after acquiring an additional 944,129 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of AvalonBay Communities by 9.3% in the 4th quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock valued at $815,360,000 after acquiring an additional 383,983 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $187.82 on Friday. The stock has a market cap of $26.68 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 3.35 and a beta of 0.77. AvalonBay Communities, Inc. has a twelve month low of $160.10 and a twelve month high of $198.63. The company’s fifty day moving average is $187.85 and its 200 day moving average is $179.65. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.74.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Thursday, July 23rd. 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). The company had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same period in the prior year, the business earned $2.82 earnings per share. Sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.29 EPS for the current year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. AvalonBay Communities’s dividend payout ratio is presently 116.34%.

Analyst Ratings Changes

A number of brokerages recently weighed in on AVB. UBS Group reduced their price objective on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Piper Sandler increased their target price on AvalonBay Communities from $195.00 to $210.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Scotiabank lifted their price target on AvalonBay Communities from $187.00 to $195.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Barclays restated an “equal weight” rating and set a $205.00 price target (up from $203.00) on shares of AvalonBay Communities in a report on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating and fifteen 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 a consensus price target of $196.80.

AvalonBay Communities Company Profile

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.