First Republic Investment Management Inc. lessened its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 0.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,480 shares of the real estate investment trust’s stock after selling 854 shares during the quarter. First Republic Investment Management Inc. owned 0.08% of AvalonBay Communities worth $20,557,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of AvalonBay Communities by 1.6% during the 3rd quarter. BlackRock Inc. now owns 15,315,518 shares of the real estate investment trust’s stock worth $2,774,406,000 after buying an additional 242,688 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of AvalonBay Communities by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,087,991 shares of the real estate investment trust’s stock worth $378,227,000 after buying an additional 9,342 shares during the period. Renaissance Technologies LLC lifted its position in shares of AvalonBay Communities by 1.7% during the 3rd quarter. Renaissance Technologies LLC now owns 1,549,800 shares of the real estate investment trust’s stock worth $280,746,000 after buying an additional 25,286 shares during the period. Morgan Stanley lifted its position in shares of AvalonBay Communities by 0.6% during the 2nd quarter. Morgan Stanley now owns 1,455,639 shares of the real estate investment trust’s stock worth $250,212,000 after buying an additional 8,707 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of AvalonBay Communities by 4.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,445,048 shares of the real estate investment trust’s stock worth $248,390,000 after buying an additional 65,431 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.
Several equities analysts recently commented on the company. BTIG Research upgraded AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $216.00 target price for the company in a research report on Thursday. Argus raised their price target on AvalonBay Communities from $196.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, November 21st. ValuEngine raised AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Scotiabank set a $183.00 price target on AvalonBay Communities and gave the company a “hold” rating in a report on Monday, November 12th. Finally, BMO Capital Markets raised AvalonBay Communities from a “market perform” rating to an “outperform” rating and raised their price target for the company from $188.00 to $195.00 in a report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $192.88.
In other news, COO Sean J. Breslin sold 3,100 shares of AvalonBay Communities stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $189.13, for a total value of $586,303.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin P. O’shea sold 1,500 shares of AvalonBay Communities stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $179.51, for a total value of $269,265.00. The disclosure for this sale can be found here. Insiders sold a total of 39,453 shares of company stock valued at $7,365,478 over the last three months. Insiders own 0.43% of the company’s stock.
AVB stock opened at $188.61 on Friday. AvalonBay Communities Inc has a fifty-two week low of $152.65 and a fifty-two week high of $191.91. The firm has a market cap of $26.49 billion, a P/E ratio of 21.88, a price-to-earnings-growth ratio of 2.89 and a beta of 0.42. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.72.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.26 by ($0.87). The business had revenue of $575.98 million for the quarter, compared to analyst estimates of $573.87 million. AvalonBay Communities had a net margin of 36.54% and a return on equity of 7.96%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.72 earnings per share. As a group, equities research analysts expect that AvalonBay Communities Inc will post 8.99 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $1.47 dividend. The ex-dividend date is Friday, December 28th. This represents a $5.88 annualized dividend and a dividend yield of 3.12%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 68.21%.
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About AvalonBay Communities
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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