Napa Wealth Management Grows Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Napa Wealth Management raised its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 23.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,280 shares of the real estate investment trust’s stock after purchasing an additional 243 shares during the quarter. Napa Wealth Management’s holdings in AvalonBay Communities were worth $288,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. MAI Capital Management increased its position in shares of AvalonBay Communities by 1.7% during the third quarter. MAI Capital Management now owns 3,633 shares of the real estate investment trust’s stock worth $818,000 after acquiring an additional 60 shares during the last quarter. Swiss National Bank increased its position in shares of AvalonBay Communities by 0.4% during the third quarter. Swiss National Bank now owns 422,021 shares of the real estate investment trust’s stock worth $95,060,000 after acquiring an additional 1,500 shares during the last quarter. Natixis Advisors LLC increased its position in shares of AvalonBay Communities by 4.8% during the third quarter. Natixis Advisors LLC now owns 65,704 shares of the real estate investment trust’s stock worth $14,800,000 after acquiring an additional 2,985 shares during the last quarter. Empowered Funds LLC increased its position in shares of AvalonBay Communities by 10.3% during the third quarter. Empowered Funds LLC now owns 2,337 shares of the real estate investment trust’s stock worth $526,000 after acquiring an additional 218 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of AvalonBay Communities by 8.4% during the third quarter. CIBC Asset Management Inc now owns 21,666 shares of the real estate investment trust’s stock worth $4,880,000 after acquiring an additional 1,679 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada dropped their target price on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. JPMorgan Chase & Co. lifted their price target on AvalonBay Communities from $212.00 to $247.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Wells Fargo & Company lifted their price target on AvalonBay Communities from $222.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Zelman & Associates upgraded AvalonBay Communities to a “hold” rating in a research note on Thursday, September 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $226.88.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $227.21 on Monday. The company has a quick ratio of 2.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average of $226.38 and a two-hundred day moving average of $212.76. AvalonBay Communities, Inc. has a 52 week low of $166.60 and a 52 week high of $236.26. The company has a market cap of $32.32 billion, a P/E ratio of 31.38, a PEG ratio of 3.35 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). The business had revenue of $734.31 million for the quarter, compared to the consensus estimate of $731.67 million. AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. During the same period last year, the firm posted $2.66 EPS. As a group, analysts anticipate that AvalonBay Communities, Inc. will post 11.04 EPS for the current year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.99%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 93.02%.

Insider Activity

In other news, Director Timothy J. Naughton sold 23,697 shares of AvalonBay Communities stock in a transaction that occurred 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 sale, the director now owns 87,239 shares of the company’s stock, valued at approximately $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

AvalonBay Communities Company 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.