Caisse de depot et placement du Quebec Takes Position in AvalonBay Communities, Inc. $AVB

Caisse de depot et placement du Quebec bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 285,685 shares of the real estate investment trust’s stock, valued at approximately $53,906,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVB. Empowered Funds LLC increased its holdings in shares of AvalonBay Communities by 5.7% in the first quarter. Empowered Funds LLC now owns 2,723 shares of the real estate investment trust’s stock valued at $584,000 after purchasing an additional 148 shares during the period. Guggenheim Capital LLC raised its position in AvalonBay Communities by 2.8% during the 2nd quarter. Guggenheim Capital LLC now owns 4,759 shares of the real estate investment trust’s stock worth $968,000 after buying an additional 129 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in AvalonBay Communities during the 2nd quarter valued at approximately $1,374,000. Cresset Asset Management LLC boosted its holdings in shares of AvalonBay Communities by 14.2% in the 2nd quarter. Cresset Asset Management LLC now owns 2,890 shares of the real estate investment trust’s stock valued at $591,000 after acquiring an additional 360 shares during the last quarter. Finally, Bank of Nova Scotia boosted its holdings in shares of AvalonBay Communities by 9.5% in the 2nd quarter. Bank of Nova Scotia now owns 18,854 shares of the real estate investment trust’s stock valued at $3,837,000 after acquiring an additional 1,629 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 recently issued reports on AVB. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 target price on shares of AvalonBay Communities in a report on Wednesday, August 19th. Barclays boosted their price objective on AvalonBay Communities from $205.00 to $206.00 and gave the company an “equal weight” rating in a report on Monday, August 17th. Truist Financial raised their target price on AvalonBay Communities from $201.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, UBS Group decreased their price target on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $196.87.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $184.06 on Friday. The firm has a 50-day simple moving average of $187.89 and a two-hundred day simple moving average of $180.75. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.54 and a current ratio of 0.54. AvalonBay Communities, Inc. has a fifty-two week low of $160.10 and a fifty-two week high of $198.63. The company has a market cap of $26.28 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.12). The business had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same quarter last year, the business earned $2.82 earnings per share. As a group, equities analysts predict that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities’s dividend payout ratio is presently 116.34%.

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.