North Dakota State Investment Board Acquires New Position in AvalonBay Communities, Inc. $AVB

North Dakota State Investment Board acquired a new stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the fourth quarter, Holdings Channel reports. The firm acquired 4,877 shares of the real estate investment trust’s stock, valued at approximately $884,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Bank of America Corp DE increased its position in AvalonBay Communities by 76.0% during the 3rd quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after purchasing an additional 1,017,286 shares during the period. Principal Financial Group Inc. lifted its stake in shares of AvalonBay Communities by 9.3% during the 4th quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust’s stock worth $815,360,000 after purchasing an additional 383,983 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of AvalonBay Communities by 1,765.8% during the 4th quarter. Teacher Retirement System of Texas now owns 348,068 shares of the real estate investment trust’s stock worth $63,108,000 after purchasing an additional 329,413 shares during the last quarter. Bahl & Gaynor Inc. grew its position in shares of AvalonBay Communities by 126.5% in the 3rd quarter. Bahl & Gaynor Inc. now owns 555,832 shares of the real estate investment trust’s stock worth $107,370,000 after buying an additional 310,412 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of AvalonBay Communities by 6.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,215,821 shares of the real estate investment trust’s stock worth $814,376,000 after buying an additional 249,171 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $186.45 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.80. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $209.86. The company has a 50 day simple moving average of $173.29 and a two-hundred day simple moving average of $176.67. The stock has a market cap of $25.94 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 3.22 and a beta of 0.79.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.47). AvalonBay Communities had a net margin of 37.21% and a return on equity of 9.56%. The business had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. During the same quarter in the previous year, the firm posted $2.83 earnings per share. As a group, analysts predict that AvalonBay Communities, Inc. will post 11.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVB. Citigroup cut their price objective on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Truist Financial dropped their target price on shares of AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research report on Wednesday, April 8th. Wall Street Zen raised shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $203.00 target price (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. Four analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $196.93.

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.