Levin Capital Strategies L.P. Takes $207,000 Position in AvalonBay Communities, Inc. (NYSE:AVB)

Levin Capital Strategies L.P. acquired a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) during the second quarter, HoldingsChannel.com reports. The firm acquired 1,000 shares of the real estate investment trust’s stock, valued at approximately $207,000.

Other institutional investors and 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 during the 2nd quarter worth $32,000. Versant Capital Management Inc raised its stake in AvalonBay Communities by 1,877.8% during the second quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 169 shares during the period. BROOKFIELD Corp ON acquired a new position in AvalonBay Communities in the 1st quarter valued at about $39,000. Pinnacle Bancorp Inc. grew its stake in shares of AvalonBay Communities by 50.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 75 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its holdings in shares of AvalonBay Communities by 38.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

AvalonBay Communities Trading Up 0.8 %

AVB opened at $225.43 on Tuesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities, Inc. has a 52 week low of $160.45 and a 52 week high of $230.04. The business’s 50 day moving average is $211.91 and its two-hundred day moving average is $197.97. The firm has a market cap of $32.05 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 3.03 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last announced 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). The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the previous year, the firm earned $2.66 earnings per share. On average, research analysts predict that AvalonBay Communities, Inc. will post 11 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on AVB. Mizuho upped their price objective on AvalonBay Communities from $185.00 to $194.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Scotiabank increased their price target on AvalonBay Communities from $218.00 to $229.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Piper Sandler boosted their price objective on shares of AvalonBay Communities from $230.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Evercore ISI upped their target price on shares of AvalonBay Communities from $223.00 to $225.00 and gave the company an “in-line” rating in a research report on Monday. Finally, Truist Financial lifted their price target on shares of AvalonBay Communities from $213.00 to $230.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, AvalonBay Communities has an average rating of “Hold” and a consensus price target of $214.59.

Insider Buying and Selling at AvalonBay Communities

In related news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now directly owns 4,383 shares of the company’s stock, valued at $908,026.11. The sale was disclosed in a filing with the SEC, 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 on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares of the company’s stock, valued at $908,026.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $1,044,500.00. Following the completion of the transaction, the executive now owns 65,967 shares of the company’s stock, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company 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.