Citigroup Inc. Purchases 17,036 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Citigroup Inc. boosted its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 9.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,788 shares of the real estate investment trust’s stock after buying an additional 17,036 shares during the period. Citigroup Inc. owned approximately 0.14% of AvalonBay Communities worth $45,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVB. Charles Schwab Investment Management Inc. lifted its stake in shares of AvalonBay Communities by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock valued at $504,658,000 after purchasing an additional 78,800 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of AvalonBay Communities by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,074,269 shares of the real estate investment trust’s stock valued at $429,145,000 after purchasing an additional 13,631 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of AvalonBay Communities by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,183,121 shares of the real estate investment trust’s stock valued at $244,776,000 after purchasing an additional 126,055 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of AvalonBay Communities by 6.1% in the 1st quarter. Janus Henderson Group PLC now owns 521,815 shares of the real estate investment trust’s stock valued at $96,781,000 after purchasing an additional 29,953 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of AvalonBay Communities by 6.2% in the 2nd quarter. American Century Companies Inc. now owns 461,937 shares of the real estate investment trust’s stock valued at $95,570,000 after purchasing an additional 26,859 shares during the last quarter. 92.61% of the stock is owned by institutional investors.

Insider Transactions at AvalonBay Communities

In related news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the transaction, the director now directly owns 87,239 shares in the company, valued at $20,367,689.33. The trade was a 21.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.42% of the company’s stock.

AvalonBay Communities Trading Up 0.6 %

Shares of NYSE AVB opened at $231.94 on Monday. The firm has a market cap of $32.99 billion, a PE ratio of 31.73, a price-to-earnings-growth ratio of 3.37 and a beta of 0.97. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. AvalonBay Communities, Inc. has a twelve month low of $169.37 and a twelve month high of $236.26. The business has a fifty day simple moving average of $226.36 and a two-hundred day simple moving average of $214.02.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 EPS for the quarter, missing the consensus estimate of $2.71 by ($0.10). The company had revenue of $734.31 million during the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. During the same period in the previous year, the firm posted $2.66 earnings per share. Analysts expect that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Tuesday, December 31st. AvalonBay Communities’s payout ratio is 93.02%.

Analyst Ratings Changes

AVB has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. BNP Paribas started coverage on AvalonBay Communities in a report on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price target on the stock. Truist Financial increased their price target on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. increased their price target on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $226.88.

AvalonBay Communities Profile

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.