Toronto Dominion Bank Grows Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Toronto Dominion Bank grew its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 1.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 70,650 shares of the real estate investment trust’s stock after purchasing an additional 964 shares during the quarter. Toronto Dominion Bank’s holdings in AvalonBay Communities were worth $15,914,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. RPg Family Wealth Advisory LLC acquired a new position in AvalonBay Communities in the third quarter valued at $26,000. Brooklyn Investment Group purchased a new stake in AvalonBay Communities in the 3rd quarter valued at about $39,000. Mather Group LLC. increased its stake in shares of AvalonBay Communities by 38.6% during 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. Prospera Private Wealth LLC purchased a new position in shares of AvalonBay Communities during the 3rd quarter worth about $51,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of AvalonBay Communities by 731.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 291 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 256 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, Director Timothy J. Naughton sold 23,697 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $233.47, for a total transaction of $5,532,538.59. Following the sale, the director now owns 87,239 shares in the company, valued at $20,367,689.33. This represents a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by insiders.

AvalonBay Communities Stock Performance

NYSE:AVB opened at $227.84 on Friday. The firm has a 50-day moving average of $226.90 and a two-hundred day moving average of $216.93. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market cap of $32.41 billion, a P/E ratio of 31.17, a PEG ratio of 3.31 and a beta of 0.98. AvalonBay Communities, Inc. has a 1-year low of $169.37 and a 1-year high of $239.29.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.10). AvalonBay Communities had a net margin of 36.20% and a return on equity of 8.84%. The business had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same quarter last year, the business earned $2.66 EPS. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.03 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.80 annualized dividend and a yield of 2.98%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.

Analyst Upgrades and Downgrades

AVB has been the subject of several research analyst reports. Evercore ISI upped their price target on shares of AvalonBay Communities from $225.00 to $229.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Truist Financial increased their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Royal Bank of Canada lowered their price target on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft upped their price target on AvalonBay Communities from $206.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, BNP Paribas initiated coverage on AvalonBay Communities in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $250.00 price objective on the stock. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, AvalonBay Communities presently has an average rating of “Hold” and a consensus target price of $228.67.

AvalonBay Communities Company 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.