Mystic Asset Management Inc. Raises Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Mystic Asset Management Inc. raised its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,390 shares of the real estate investment trust’s stock after purchasing an additional 100 shares during the quarter. Mystic Asset Management Inc.’s holdings in AvalonBay Communities were worth $494,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVB. Envestnet Asset Management Inc. lifted its holdings in shares of AvalonBay Communities by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 300,039 shares of the real estate investment trust’s stock worth $62,075,000 after purchasing an additional 7,939 shares during the period. Oppenheimer Asset Management Inc. raised its position in AvalonBay Communities by 11.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,638 shares of the real estate investment trust’s stock worth $1,166,000 after buying an additional 563 shares during the last quarter. Federated Hermes Inc. lifted its stake in AvalonBay Communities by 8.1% during the 2nd quarter. Federated Hermes Inc. now owns 7,730 shares of the real estate investment trust’s stock valued at $1,599,000 after acquiring an additional 580 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of AvalonBay Communities by 30.2% in the 2nd quarter. Meeder Advisory Services Inc. now owns 1,938 shares of the real estate investment trust’s stock valued at $401,000 after acquiring an additional 449 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of AvalonBay Communities by 10.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 111,107 shares of the real estate investment trust’s stock worth $22,664,000 after acquiring an additional 10,773 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AvalonBay Communities

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

Analysts Set New Price Targets

AVB has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of AvalonBay Communities from $206.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. upped their target price on AvalonBay Communities from $194.00 to $212.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. UBS Group raised their target price on AvalonBay Communities from $210.00 to $228.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada boosted their price target on AvalonBay Communities from $207.00 to $214.00 and gave the company a “sector perform” rating in a report on Friday, August 2nd. Finally, Evercore ISI raised their price objective on shares of AvalonBay Communities from $223.00 to $225.00 and gave the stock an “in-line” rating in a research note on Monday, September 9th. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $219.94.

AvalonBay Communities Trading Up 1.3 %

Shares of AvalonBay Communities stock opened at $234.75 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a twelve month low of $160.45 and a twelve month high of $234.80. The firm has a market capitalization of $33.38 billion, a PE ratio of 34.93, a P/E/G ratio of 3.41 and a beta of 0.97. The firm’s 50-day moving average price is $214.23 and its 200 day moving average price is $199.40.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The firm had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. During the same period in the prior year, the firm earned $2.66 earnings per share. On average, sell-side analysts predict that AvalonBay Communities, Inc. will post 11.01 EPS for the current fiscal year.

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.