Malaga Cove Capital LLC Decreases Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Malaga Cove Capital LLC lowered its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 0.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 13,452 shares of the real estate investment trust’s stock after selling 70 shares during the quarter. AvalonBay Communities comprises about 1.1% of Malaga Cove Capital LLC’s portfolio, making the stock its 26th largest position. Malaga Cove Capital LLC’s holdings in AvalonBay Communities were worth $2,783,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new position in AvalonBay Communities during the second quarter worth about $32,000. Versant Capital Management Inc lifted its stake in AvalonBay Communities by 1,877.8% in the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 169 shares during the last quarter. BROOKFIELD Corp ON purchased a new position in AvalonBay Communities in the first quarter valued at $39,000. Pinnacle Bancorp Inc. increased its holdings in shares of AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in AvalonBay Communities by 38.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after purchasing an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

AvalonBay Communities stock opened at $225.43 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. The firm’s fifty day moving average price is $211.91 and its 200 day moving average price is $197.97. The company has a market capitalization of $32.05 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 3.03 and a beta of 0.97. AvalonBay Communities, Inc. has a 12-month low of $160.45 and a 12-month high of $230.04.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.93). The business had revenue of $726.04 million for the quarter, compared to analysts’ expectations of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same quarter last year, the company posted $2.66 earnings per share. On average, research analysts forecast that AvalonBay Communities, Inc. will post 11 EPS for the current fiscal year.

Insider Transactions at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the sale, the senior vice president now owns 4,383 shares of the company’s stock, valued at $908,026.11. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other AvalonBay Communities news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total value of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AVB shares. Piper Sandler boosted their price objective on AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. UBS Group boosted their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Mizuho raised their target price on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Royal Bank of Canada boosted their price target on AvalonBay Communities from $207.00 to $214.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $214.59.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.