Geode Capital Management LLC Acquires 228,244 Shares of AvalonBay Communities, Inc. $AVB

Geode Capital Management LLC lifted its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,151,217 shares of the real estate investment trust’s stock after buying an additional 228,244 shares during the period. Geode Capital Management LLC’s holdings in AvalonBay Communities were worth $750,042,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVB. Bank of America Corp DE raised its holdings in shares of 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 buying an additional 1,017,286 shares in the last quarter. Principal Financial Group Inc. raised its holdings 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 valued at $815,360,000 after buying an additional 383,983 shares in the last quarter. Teacher Retirement System of Texas lifted its position in AvalonBay Communities by 1,765.8% in the fourth quarter. Teacher Retirement System of Texas now owns 348,068 shares of the real estate investment trust’s stock valued at $63,108,000 after purchasing an additional 329,413 shares during the last quarter. Bahl & Gaynor Inc. lifted its position in AvalonBay Communities by 126.5% in the third quarter. Bahl & Gaynor Inc. now owns 555,832 shares of the real estate investment trust’s stock valued at $107,370,000 after purchasing an additional 310,412 shares during the last quarter. Finally, PGGM Investments increased its stake in shares of AvalonBay Communities by 53.5% during the fourth quarter. PGGM Investments now owns 781,956 shares of the real estate investment trust’s stock valued at $141,776,000 after buying an additional 272,682 shares during the period. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Trading Down 1.2%

NYSE AVB opened at $182.68 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. The stock’s 50 day moving average is $175.35 and its 200 day moving average is $177.10. AvalonBay Communities, Inc. has a twelve month low of $160.10 and a twelve month high of $209.86. The firm has a market capitalization of $25.41 billion, a PE ratio of 26.48, a P/E/G ratio of 3.17 and a beta of 0.79.

AvalonBay Communities (NYSE:AVB) last released its earnings results 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 return on equity of 9.56% and a net margin of 37.21%.The company had revenue of $770.28 million during the quarter, compared to the consensus estimate of $768.80 million. During the same period last year, the firm posted $2.83 earnings per share. Research analysts forecast that AvalonBay Communities, Inc. will post 11.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on AVB. Cantor Fitzgerald boosted their target price on AvalonBay Communities from $186.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Citigroup reduced their target price on AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Piper Sandler lifted their price target on AvalonBay Communities from $183.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday. Truist Financial dropped their price target on AvalonBay Communities from $203.00 to $201.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, UBS Group dropped their price target 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. Four analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $197.73.

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.