Principal Financial Group Inc. Decreases Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Principal Financial Group Inc. decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 3.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,562,910 shares of the real estate investment trust’s stock after selling 181,217 shares during the quarter. Principal Financial Group Inc.’s holdings in AvalonBay Communities were worth $1,027,789,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AVB. &PARTNERS bought a new position in shares of AvalonBay Communities in the 2nd quarter valued at about $1,538,000. Sheets Smith Wealth Management purchased a new position in shares of AvalonBay Communities in the 1st quarter worth approximately $768,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in AvalonBay Communities by 14.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,952 shares of the real estate investment trust’s stock valued at $6,115,000 after buying an additional 4,138 shares during the period. Swedbank AB purchased a new position in AvalonBay Communities during the first quarter worth $4,532,000. Finally, Diversified Trust Co purchased a new stake in shares of AvalonBay Communities in the second quarter valued at $1,139,000. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Down 0.6 %

AVB stock opened at $224.93 on Thursday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 52 week low of $164.76 and a 52 week high of $236.26. The stock has a market capitalization of $31.99 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97. The firm has a 50 day moving average of $225.66 and a 200 day moving average of $210.60.

AvalonBay Communities (NYSE:AVB) last issued its earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The firm had revenue of $734.31 million during the quarter, compared to analysts’ expectations of $731.67 million. AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. During the same quarter last year, the business earned $2.66 EPS. Sell-side analysts forecast that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.02%. The ex-dividend date was Monday, September 30th. AvalonBay Communities’s payout ratio is 93.02%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft upped their price target on shares of AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Piper Sandler upped their target price on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Evercore ISI increased their price objective on AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Scotiabank raised their price objective on AvalonBay Communities from $229.00 to $244.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $227.06.

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.