Pendal Group Ltd lowered its stake in AvalonBay Communities Inc (NYSE:AVB) by 10.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,308 shares of the real estate investment trust’s stock after selling 4,689 shares during the period. Pendal Group Ltd’s holdings in AvalonBay Communities were worth $8,393,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of AVB. Cornerstone Advisors Inc. lifted its stake in shares of AvalonBay Communities by 85.5% in the first quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 59 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of AvalonBay Communities in the first quarter worth approximately $27,000. WP Advisors LLC acquired a new position in shares of AvalonBay Communities in the first quarter worth approximately $31,000. NuWave Investment Management LLC lifted its stake in shares of AvalonBay Communities by 575.0% in the second quarter. NuWave Investment Management LLC now owns 216 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 184 shares during the period. Finally, Hanson McClain Inc. lifted its stake in shares of AvalonBay Communities by 29.6% in the first quarter. Hanson McClain Inc. now owns 267 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 61 shares during the period. Institutional investors own 91.88% of the company’s stock.
In other news, EVP Edward M. Schulman sold 1,500 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $206.93, for a total value of $310,395.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leo S. Horey III sold 1,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $209.28, for a total transaction of $209,280.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,250 shares of company stock valued at $1,513,723. 0.42% of the stock is owned by corporate insiders.
AvalonBay Communities stock traded down $1.15 during trading on Tuesday, hitting $204.41. 56,526 shares of the company were exchanged, compared to its average volume of 614,207. The firm has a 50 day simple moving average of $207.10. AvalonBay Communities Inc has a 52 week low of $167.01 and a 52 week high of $214.10. The company has a market capitalization of $28.77 billion, a P/E ratio of 22.72, a P/E/G ratio of 3.90 and a beta of 0.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 1.08.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.31 by ($1.10). The company had revenue of $577.26 million for the quarter, compared to the consensus estimate of $572.69 million. AvalonBay Communities had a return on equity of 8.63% and a net margin of 41.83%. During the same quarter in the previous year, the business earned $2.23 earnings per share. Equities analysts expect that AvalonBay Communities Inc will post 9.33 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.52 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $6.08 dividend on an annualized basis and a yield of 2.97%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 67.56%.
A number of equities analysts recently commented on AVB shares. ValuEngine lowered AvalonBay Communities from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Mizuho lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price target on the stock. in a research note on Wednesday, May 8th. Argus reissued a “buy” rating and issued a $215.00 price target on shares of AvalonBay Communities in a research note on Tuesday, April 30th. JPMorgan Chase & Co. boosted their price target on AvalonBay Communities from $214.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Citigroup boosted their price target on AvalonBay Communities from $205.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $209.13.
AvalonBay Communities Company Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine 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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