Texas Permanent School Fund Corp Decreases Position in AvalonBay Communities, Inc. (NYSE:AVB)

Texas Permanent School Fund Corp trimmed its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 20.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,460 shares of the real estate investment trust’s stock after selling 5,862 shares during the quarter. Texas Permanent School Fund Corp’s holdings in AvalonBay Communities were worth $4,854,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in shares of AvalonBay Communities in the 2nd quarter valued at $32,000. Versant Capital Management Inc boosted 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 valued at $37,000 after acquiring an additional 169 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in AvalonBay Communities in the first quarter valued at $39,000. Pinnacle Bancorp Inc. grew its holdings in shares of AvalonBay Communities by 50.0% during the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of 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. 92.61% of the stock is currently owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $231.66 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. The stock has a 50 day simple moving average of $213.60 and a 200-day simple moving average of $198.80. The company has a market cap of $32.94 billion, a price-to-earnings ratio of 34.47, 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 $232.33.

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 analysts’ consensus estimates of $2.71 by ($0.93). AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. During the same period last year, the business posted $2.66 EPS. On average, equities analysts forecast that AvalonBay Communities, Inc. will post 11 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. BNP Paribas assumed coverage on AvalonBay Communities in a research report on Wednesday. They issued an “outperform” rating and a $250.00 target price for the company. Truist Financial increased their price objective on AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Evercore ISI lifted their target price on shares of AvalonBay Communities from $223.00 to $225.00 and gave the company an “in-line” rating in a report on Monday. UBS Group upped their price target on shares of AvalonBay Communities from $210.00 to $228.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, Piper Sandler raised their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Thirteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and a consensus target price of $218.94.

Insider Buying and Selling

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction dated 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 transaction, the executive now directly owns 65,967 shares of the company’s stock, valued at $13,780,506.30. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive now owns 65,967 shares in the company, valued at approximately $13,780,506.30. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

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.