CIBC Asset Management Inc Boosts Holdings in AvalonBay Communities, Inc. $AVB

CIBC Asset Management Inc grew its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 23.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 72,073 shares of the real estate investment trust’s stock after acquiring an additional 13,553 shares during the quarter. CIBC Asset Management Inc owned 0.05% of AvalonBay Communities worth $13,068,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AVB. BOKF NA bought a new stake in AvalonBay Communities in the third quarter valued at $31,000. Elyxium Wealth LLC bought a new position in AvalonBay Communities in the 4th quarter worth about $32,000. AlphaQuest LLC purchased a new position in AvalonBay Communities in the 3rd quarter worth about $33,000. Headlands Technologies LLC purchased a new position in AvalonBay Communities in the 2nd quarter worth about $36,000. Finally, Fulcrum Asset Management LLP purchased a new stake in shares of AvalonBay Communities during the 3rd quarter valued at about $37,000. 92.61% of the stock is owned by hedge funds and other institutional investors.

AvalonBay Communities Trading Up 0.3%

AVB opened at $189.72 on Friday. The business’s 50-day simple moving average is $177.59 and its 200-day simple moving average is $177.38. The company has a market cap of $26.39 billion, a P/E ratio of 27.50, a PEG ratio of 3.29 and a beta of 0.78. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.62 and a current ratio of 0.62. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $209.86.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.47). The company had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same period in the previous year, the business posted $2.83 earnings per share. As a group, equities research analysts expect that AvalonBay Communities, Inc. will post 11.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on AVB. Citigroup reduced their target price on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Wall Street Zen upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Wolfe Research upgraded AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 target price on the stock in a research note on Monday. Wells Fargo & Company cut their price target on AvalonBay Communities from $193.00 to $191.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Finally, Barclays dropped their price objective on AvalonBay Communities from $206.00 to $203.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, AvalonBay Communities has an average rating of “Hold” and an average target price of $198.44.

AvalonBay Communities Company Profile

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.