5 Best REIT Dividend Stocks According to Hedge Funds

3. AvalonBay Communities, Inc. (NYSE: AVB)

Number of Hedge Fund Holders: 40
Dividend Yield: 3.1%

AvalonBay Communities, Inc. (NYSE: AVB) has direct or indirect ownership interests in about 291 apartment communities consisting of 86,025 apartments in 11 states and the District of Columbia. The company ranks 3rd on our list of the best REIT dividend stocks according to hedge funds.

This July, KeyBanc analyst Austin Wurschmidt raised the price target on AvalonBay Communities, Inc. (NYSE: AVB) shares from $200 to $236, keeping an Overweight rating on the stock.

In the first quarter of 2021, AvalonBay Communities, Inc. (NYSE: AVB) had an FFO of $1.95, in line with estimates. The company’s revenue was $550.26 million, beating estimates by $5.26 million. AvalonBay Communities, Inc. (NYSE: AVB) has also gained about 34.5% in the past 6 months and 43.5% year to date.

By the end of the first quarter of 2021, 40 hedge funds out of the 866 tracked by Insider Monkey held stakes in AvalonBay Communities, Inc. (NYSE: AVB) worth roughly $630 million. This is compared to 32 hedge funds in the previous quarter with stakes worth approximately $864 million.