Lake Street Private Wealth LLC Invests $203,000 in AvalonBay Communities, Inc. (NYSE:AVB)

Lake Street Private Wealth LLC bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 903 shares of the real estate investment trust’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVB. Opal Wealth Advisors LLC purchased a new position in shares of AvalonBay Communities in the second quarter worth about $32,000. Versant Capital Management Inc lifted its stake in AvalonBay Communities by 1,877.8% during the 2nd 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 during the period. Mather Group LLC. boosted its holdings in shares of AvalonBay Communities by 38.6% in the 3rd quarter. Mather Group LLC. now owns 201 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 56 shares during the last quarter. BROOKFIELD Corp ON acquired a new stake in shares of AvalonBay Communities in the first quarter worth $39,000. Finally, Pinnacle Bancorp Inc. raised 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. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVB. Piper Sandler increased their price target on AvalonBay Communities from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Scotiabank lifted their price target on AvalonBay Communities from $229.00 to $244.00 and gave the company a “sector perform” rating in a research report on Monday, September 16th. Zelman & Associates raised AvalonBay Communities to a “hold” rating in a report on Thursday, September 5th. Truist Financial raised their price objective on shares of AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Finally, Wells Fargo & Company boosted their target price on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $225.88.

AvalonBay Communities Trading Up 2.1 %

Shares of AVB stock opened at $229.54 on Thursday. AvalonBay Communities, Inc. has a fifty-two week low of $160.45 and a fifty-two week high of $236.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.03 and a current ratio of 2.03. The stock’s fifty day moving average is $224.38 and its two-hundred day moving average is $207.73. The firm has a market capitalization of $32.64 billion, a P/E ratio of 34.16, a PEG ratio of 3.33 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.71 by ($0.93). AvalonBay Communities had a return on equity of 7.16% and a net margin of 29.61%. The business had revenue of $726.04 million during the quarter, compared to analysts’ expectations of $718.49 million. During the same period in the prior year, the business posted $2.66 earnings per share. Research analysts expect that AvalonBay Communities, Inc. will post 11.01 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.70 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 2.96%. AvalonBay Communities’s dividend payout ratio is presently 101.19%.

Insider Buying and Selling

In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the company’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 in the company, valued at $13,780,506.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Keri A. Shea sold 2,000 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $908,026.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the executive now directly owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

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.