Corient Private Wealth LP Makes New $6.40 Million Investment in AvalonBay Communities, Inc. $AVB

Corient Private Wealth LP bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 33,939 shares of the real estate investment trust’s stock, valued at approximately $6,404,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of AvalonBay Communities in the second quarter worth $3,368,659,000. Auto Owners Insurance Co lifted its holdings in shares of AvalonBay Communities by 18,031.0% in the fourth 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 buying an additional 11,720,150 shares during the period. Norges Bank purchased a new position in AvalonBay Communities in the 4th quarter worth about $1,394,635,000. Legal & General Group Plc purchased a new position in shares of AvalonBay Communities during the second quarter valued at $366,672,000. Finally, Bank of America Corp DE acquired a new position in shares of AvalonBay Communities in the second quarter worth $358,275,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Price Performance

Shares of NYSE AVB opened at $184.06 on Monday. The firm has a fifty day simple moving average of $188.02 and a 200 day simple moving average of $180.82. The company has a market capitalization of $26.28 billion, a PE ratio of 30.08, a P/E/G ratio of 2.98 and a beta of 0.76. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.74. AvalonBay Communities, Inc. has a twelve month low of $160.10 and a twelve month high of $198.63.

AvalonBay Communities (NYSE:AVB) last issued 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). AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.The company had revenue of $777.77 million for the quarter, compared to the consensus estimate of $772.37 million. During the same period in the prior year, the company earned $2.82 earnings per share. On average, sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.33 EPS for the current year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given 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 dividend yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 116.34%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wolfe Research raised shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price objective for the company in a report on Monday, June 1st. Piper Sandler upped their target price on shares of AvalonBay Communities from $195.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Cantor Fitzgerald restated a “neutral” rating and issued a $190.00 target price on shares of AvalonBay Communities in a research note on Wednesday, August 19th. Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Scotiabank raised their price target on shares of AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, AvalonBay Communities presently has an average rating of “Hold” and a consensus target price of $196.87.

AvalonBay Communities 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.