Summit X LLC grew its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,297 shares of the real estate investment trust’s stock after purchasing an additional 98 shares during the quarter. Summit X LLC’s holdings in AvalonBay Communities were worth $2,162,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in AvalonBay Communities by 0.5% in the second quarter. BlackRock Inc. now owns 16,102,048 shares of the real estate investment trust’s stock worth $3,271,615,000 after purchasing an additional 82,949 shares in the last quarter. State Street Corp raised its holdings in AvalonBay Communities by 2.5% in the third quarter. State Street Corp now owns 10,133,144 shares of the real estate investment trust’s stock worth $2,197,253,000 after purchasing an additional 243,424 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of AvalonBay Communities by 8.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,511,273 shares of the real estate investment trust’s stock valued at $510,240,000 after acquiring an additional 187,752 shares in the last quarter. PGGM Investments increased its holdings in shares of AvalonBay Communities by 8.8% during the fourth quarter. PGGM Investments now owns 2,084,685 shares of the real estate investment trust’s stock valued at $437,158,000 after acquiring an additional 168,685 shares in the last quarter. Finally, Parnassus Investments CA increased its holdings in shares of AvalonBay Communities by 5.0% during the third quarter. Parnassus Investments CA now owns 1,455,706 shares of the real estate investment trust’s stock valued at $313,457,000 after acquiring an additional 69,533 shares in the last quarter. 92.09% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on AVB. Goldman Sachs Group began coverage on AvalonBay Communities in a report on Friday, November 8th. They set a “buy” rating and a $244.00 price target for the company. Deutsche Bank raised their price target on AvalonBay Communities from $218.00 to $221.00 and gave the company a “hold” rating in a report on Monday, December 9th. Evercore ISI upgraded AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $225.00 price target for the company in a report on Tuesday, November 19th. Mizuho upgraded AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $230.00 price target for the company in a report on Wednesday, January 15th. Finally, Barclays restated a “hold” rating and set a $240.00 price target on shares of AvalonBay Communities in a report on Sunday, October 13th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $226.69.
Shares of AvalonBay Communities stock traded up $1.85 during trading on Thursday, hitting $218.49. 554,338 shares of the company’s stock traded hands, compared to its average volume of 725,869. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.89 and a quick ratio of 0.89. AvalonBay Communities Inc has a 1 year low of $183.00 and a 1 year high of $222.87. The stock has a market capitalization of $30.63 billion, a P/E ratio of 30.22, a PEG ratio of 3.63 and a beta of 0.45. The business has a 50-day simple moving average of $210.71 and a 200-day simple moving average of $211.70.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 EPS for the quarter, beating the consensus estimate of $1.20 by $0.80. AvalonBay Communities had a return on equity of 9.35% and a net margin of 45.56%. The company had revenue of $587.61 million for the quarter, compared to analysts’ expectations of $585.86 million. During the same period last year, the firm posted $1.39 earnings per share. On average, equities analysts predict that AvalonBay Communities Inc will post 9.31 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.52 per share. The ex-dividend date was Monday, December 30th. This represents a $6.08 annualized dividend and a dividend yield of 2.78%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 67.56%.
In other AvalonBay Communities news, COO Sean J. Breslin sold 777 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $213.51, for a total value of $165,897.27. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy J. Naughton sold 26,634 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $213.60, for a total value of $5,689,022.40. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
About AvalonBay Communities
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.
Read More: Dividend Reinvestment Plan (DRIP)
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