Bank of Nova Scotia Sells 397 Shares of AvalonBay Communities, Inc. (NYSE:AVB)

Bank of Nova Scotia decreased its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 2.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,883 shares of the real estate investment trust’s stock after selling 397 shares during the period. Bank of Nova Scotia’s holdings in AvalonBay Communities were worth $4,374,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVB. Whipplewood Advisors LLC bought a new stake in shares of AvalonBay Communities in the fourth quarter worth about $36,000. Crowley Wealth Management Inc. bought a new stake in AvalonBay Communities in the 4th quarter worth approximately $44,000. Generali Asset Management SPA SGR purchased a new stake in shares of AvalonBay Communities during the 4th quarter worth approximately $66,000. Catalyst Capital Advisors LLC grew its holdings in shares of AvalonBay Communities by 312.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 275 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its position in AvalonBay Communities by 42.6% in the fourth quarter. Loomis Sayles & Co. L P now owns 442 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Trading Down 0.3 %

Shares of NYSE AVB opened at $192.95 on Friday. The stock has a market capitalization of $27.47 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 3.11 and a beta of 0.86. The business has a fifty day moving average price of $213.02 and a 200 day moving average price of $219.85. AvalonBay Communities, Inc. has a 1-year low of $177.40 and a 1-year high of $239.29. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. Equities research analysts expect that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.75 per share. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Monday, March 31st. AvalonBay Communities’s dividend payout ratio is currently 92.23%.

Wall Street Analyst Weigh In

Several research firms have commented on AVB. BMO Capital Markets lowered shares of AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 price objective for the company. in a research report on Friday, April 4th. Barclays increased their price target on shares of AvalonBay Communities from $226.00 to $227.00 and gave the company an “equal weight” rating in a report on Friday. Truist Financial boosted their price objective on AvalonBay Communities from $229.00 to $230.00 and gave the stock a “hold” rating in a research note on Monday, March 10th. Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $239.00 to $242.00 in a research note on Monday, January 6th. Finally, Evercore ISI boosted their target price on AvalonBay Communities from $230.00 to $240.00 and gave the company an “in-line” rating in a research report on Monday, February 10th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $237.47.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.