Sun Life Financial Inc. Has $31.12 Million Stake in AvalonBay Communities, Inc. $AVB

Sun Life Financial Inc. raised its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,087 shares of the real estate investment trust’s stock after acquiring an additional 8,660 shares during the period. AvalonBay Communities makes up 1.6% of Sun Life Financial Inc.’s portfolio, making the stock its 13th biggest holding. Sun Life Financial Inc. owned approximately 0.11% of AvalonBay Communities worth $31,117,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Mather Group LLC. acquired a new position in shares of AvalonBay Communities during the 3rd quarter worth about $30,000. Clearstead Trust LLC grew its holdings in AvalonBay Communities by 62.0% in the 2nd quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 62 shares during the last quarter. AlphaQuest LLC bought a new position in AvalonBay Communities in the 3rd quarter worth approximately $33,000. Headlands Technologies LLC bought a new position in AvalonBay Communities in the 2nd quarter worth approximately $36,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of AvalonBay Communities during the second quarter worth approximately $59,000. 92.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVB. Wells Fargo & Company lowered their price objective on shares of AvalonBay Communities from $213.00 to $193.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Truist Financial reduced their price target on shares of AvalonBay Communities from $205.00 to $203.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Colliers Securities restated a “neutral” rating and issued a $195.00 price target (down from $200.00) on shares of AvalonBay Communities in a research report on Thursday, December 4th. Mizuho cut their price objective on shares of AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a research report on Monday, November 24th. Finally, Royal Bank Of Canada reduced their target price on shares of AvalonBay Communities from $191.00 to $187.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. Five analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $200.91.

AvalonBay Communities Stock Down 0.1%

AVB opened at $177.32 on Friday. AvalonBay Communities, Inc. has a fifty-two week low of $166.73 and a fifty-two week high of $230.21. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.67 and a quick ratio of 0.67. The firm’s fifty day moving average price is $178.84 and its two-hundred day moving average price is $183.56. The company has a market capitalization of $25.11 billion, a P/E ratio of 21.65, a P/E/G ratio of 3.12 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.01. The company had revenue of $767.86 million during the quarter, compared to analysts’ expectations of $766.38 million. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. During the same quarter in the prior year, the company posted $2.80 EPS. On average, analysts anticipate that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.0%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, March 31st. AvalonBay Communities’s dividend payout ratio (DPR) is currently 85.47%.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.