Palogic Value Management L.P. Invests $853,000 in AvalonBay Communities, Inc. $AVB

Palogic Value Management L.P. bought a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the second quarter, Holdings Channel reports. The fund bought 4,518 shares of the real estate investment trust’s stock, valued at approximately $853,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Empowered Funds LLC grew its holdings in shares of AvalonBay Communities by 5.7% during the 1st quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock valued at $584,000 after purchasing an additional 148 shares during the last quarter. Guggenheim Capital LLC boosted its stake in AvalonBay Communities by 2.8% during the second quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after acquiring an additional 129 shares in the last quarter. Baird Financial Group Inc. purchased a new position in shares of AvalonBay Communities in the 2nd quarter worth about $1,374,000. Cresset Asset Management LLC boosted its stake in AvalonBay Communities by 14.2% during the 2nd quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock valued at $591,000 after purchasing an additional 360 shares during the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of AvalonBay Communities by 9.5% during the second quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after purchasing an additional 1,629 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

NYSE:AVB opened at $184.06 on Thursday. The firm has a fifty day simple moving average of $187.76 and a 200-day simple moving average of $180.67. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a PEG ratio of 2.98 and a beta of 0.76. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $198.63.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share 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 analyst estimates 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 posted $2.82 earnings per share. On average, equities research analysts anticipate that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current 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 paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 annualized dividend and a yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is 116.34%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVB. Jefferies Financial Group upgraded shares of AvalonBay Communities to a “hold” rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $190.00 target price on shares of AvalonBay Communities in a report on Wednesday, August 19th. Truist Financial upped their target price on shares of AvalonBay Communities from $201.00 to $202.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. UBS Group cut their price objective on shares of AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $196.87.

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.