State of Michigan Retirement System Raises Stock Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

State of Michigan Retirement System increased its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,511 shares of the real estate investment trust’s stock after purchasing an additional 300 shares during the period. State of Michigan Retirement System’s holdings in AvalonBay Communities were worth $9,131,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new position in shares of AvalonBay Communities in the 3rd quarter worth $26,000. Whipplewood Advisors LLC purchased a new position in AvalonBay Communities in the fourth quarter worth $36,000. Brooklyn Investment Group purchased a new position in AvalonBay Communities in the third quarter worth $39,000. Prospera Private Wealth LLC bought a new position in AvalonBay Communities in the third quarter valued at $51,000. Finally, Catalyst Capital Advisors LLC raised its position in AvalonBay Communities by 312.5% during 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. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $224.62 on Thursday. AvalonBay Communities, Inc. has a 12 month low of $177.40 and a 12 month high of $239.29. The firm has a market capitalization of $31.95 billion, a P/E ratio of 29.59, a P/E/G ratio of 3.11 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $218.95 and a two-hundred day simple moving average of $223.65.

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

AvalonBay Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.75 dividend. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.70. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Monday, March 31st. AvalonBay Communities’s payout ratio is currently 92.23%.

Analyst Upgrades and Downgrades

AVB has been the subject of a number of research reports. JPMorgan Chase & Co. upgraded AvalonBay Communities from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $247.00 to $262.00 in a report on Tuesday, December 17th. Royal Bank of Canada upped their target price on AvalonBay Communities from $226.00 to $229.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Mizuho raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $239.00 to $242.00 in a research note on Monday, January 6th. Evercore ISI boosted their price objective on shares of AvalonBay Communities from $230.00 to $240.00 and gave the stock an “in-line” rating in a report on Monday, February 10th. Finally, Morgan Stanley lowered shares of AvalonBay Communities from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $236.00 to $223.00 in a report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, AvalonBay Communities currently has an average rating of “Moderate Buy” and an average price target of $238.64.

About AvalonBay Communities

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.