State Board of Administration of Florida Retirement System boosted its position in shares of AvalonBay Communities Inc (NYSE:AVB) by 2.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 195,352 shares of the real estate investment trust’s stock after purchasing an additional 4,628 shares during the period. State Board of Administration of Florida Retirement System’s holdings in AvalonBay Communities were worth $35,388,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. State Treasurer State of Michigan grew its holdings in AvalonBay Communities by 0.7% during the 2nd quarter. State Treasurer State of Michigan now owns 40,923 shares of the real estate investment trust’s stock valued at $7,034,000 after purchasing an additional 300 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in AvalonBay Communities by 2.1% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 15,099 shares of the real estate investment trust’s stock valued at $2,595,000 after buying an additional 316 shares during the period. Comerica Bank boosted its position in AvalonBay Communities by 0.4% in the 2nd quarter. Comerica Bank now owns 89,036 shares of the real estate investment trust’s stock valued at $15,258,000 after buying an additional 354 shares during the period. Sumitomo Life Insurance Co. boosted its position in AvalonBay Communities by 4.5% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 8,605 shares of the real estate investment trust’s stock valued at $1,479,000 after buying an additional 369 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its position in AvalonBay Communities by 30.3% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 1,594 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 371 shares during the period. Institutional investors own 93.49% of the company’s stock.
In other news, COO Sean J. Breslin sold 7,200 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $182.20, for a total value of $1,311,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.43% of the stock is currently owned by corporate insiders.
Several equities research analysts have issued reports on AVB shares. ValuEngine raised shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Stifel Nicolaus boosted their price objective on shares of AvalonBay Communities from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Mizuho reissued a “buy” rating and issued a $212.00 price objective on shares of AvalonBay Communities in a research report on Monday, August 6th. Zelman & Associates cut shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Monday, August 6th. Finally, Robert W. Baird cut shares of AvalonBay Communities from an “outperform” rating to a “neutral” rating and set a $197.00 price objective for the company. in a research report on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the company’s stock. AvalonBay Communities presently has a consensus rating of “Hold” and an average target price of $193.61.
Shares of AVB opened at $177.07 on Tuesday. AvalonBay Communities Inc has a fifty-two week low of $152.65 and a fifty-two week high of $188.91. The company has a market capitalization of $23.94 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 2.56 and a beta of 0.38. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.04 and a quick ratio of 1.04.
AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.87). AvalonBay Communities had a return on equity of 7.96% and a net margin of 36.54%. The business had revenue of $575.98 million during the quarter, compared to analysts’ expectations of $573.87 million. During the same period in the previous year, the company posted $1.72 EPS. AvalonBay Communities’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities analysts expect that AvalonBay Communities Inc will post 8.99 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a $1.47 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $5.88 annualized dividend and a dividend yield of 3.32%. AvalonBay Communities’s payout ratio is presently 68.21%.
AvalonBay Communities Company Profile
As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 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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