11 Best Self Storage and Apartment Stocks to Buy Now

3. AvalonBay Communities Inc. (NYSE:AVB)

Number of Hedge Fund Holders: 42

AvalonBay Communities Inc. (NYSE:AVB), a public REIT, invests in apartment buildings. The company owns 79,856 apartment units and operates across key markets, including New England, the New York City metro area, Washington DC, Seattle, and California.

AvalonBay Communities Inc. (NYSE:AVB) delivered positive results in Q1 2024, exceeding analyst expectations with an EPS of $1.22 and FFO per share of $2.73. Furthermore, strong occupancy allowed for higher-than-anticipated rental rates, boosting same-store net operating income by 3.7% year-over-year. This performance led to an increased revenue growth outlook for 2024, now projected at 3.1%.

Overall, analysts have a bullish outlook on AvalonBay Communities Inc. (NYSE:AVB)  with at least 5 analysts recommending the stock as a Strong Buy. The company has been assigned a price target of $204, with a revenue growth forecast of 4.2%.

According to Insider Monkey’s Q1 2024 database, 42 hedge funds held a stake in AvalonBay Communities Inc. (NYSE:AVB), up from 29 in the previous quarter. Citadel Investment Group is the leading stakeholder in the company, with a stake worth more than $141 million.