Pendal Group Ltd decreased its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 5.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,508 shares of the real estate investment trust’s stock after selling 2,665 shares during the quarter. Pendal Group Ltd’s holdings in AvalonBay Communities were worth $8,425,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in AVB. Long Pond Capital LP raised its stake in AvalonBay Communities by 71.0% during the second quarter. Long Pond Capital LP now owns 764,656 shares of the real estate investment trust’s stock valued at $131,437,000 after buying an additional 317,360 shares during the last quarter. Barings LLC raised its stake in AvalonBay Communities by 10,824.0% during the third quarter. Barings LLC now owns 309,040 shares of the real estate investment trust’s stock valued at $55,983,000 after buying an additional 306,211 shares during the last quarter. Millennium Management LLC raised its stake in shares of AvalonBay Communities by 2,671.7% in the second quarter. Millennium Management LLC now owns 248,176 shares of the real estate investment trust’s stock worth $42,659,000 after purchasing an additional 239,222 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of AvalonBay Communities by 8.1% in the first quarter. Principal Financial Group Inc. now owns 3,092,546 shares of the real estate investment trust’s stock worth $508,600,000 after purchasing an additional 232,456 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of AvalonBay Communities by 111.7% in the third quarter. American Century Companies Inc. now owns 410,221 shares of the real estate investment trust’s stock worth $74,312,000 after purchasing an additional 216,457 shares during the last quarter. Institutional investors and hedge funds own 93.49% of the company’s stock.
AVB has been the subject of several recent analyst reports. Evercore ISI set a $194.00 price target on AvalonBay Communities and gave the stock a “buy” rating in a research note on Monday, October 1st. BMO Capital Markets upgraded AvalonBay Communities from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $188.00 to $195.00 in a research note on Friday, November 2nd. Argus boosted their price target on AvalonBay Communities to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Zelman & Associates cut AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Finally, Scotiabank initiated coverage on AvalonBay Communities in a research note on Tuesday, October 16th. They issued a “sector perform” rating for the company. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $193.24.
AvalonBay Communities stock traded up $1.01 during mid-day trading on Wednesday, reaching $181.12. 606 shares of the stock traded hands, compared to its average volume of 574,629. The stock has a market cap of $23.94 billion, a PE ratio of 21.05, 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 quick ratio of 1.04 and a current ratio of 1.04. AvalonBay Communities Inc has a 12-month low of $152.65 and a 12-month high of $188.91.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.87). The firm had revenue of $575.98 million for the quarter, compared to analysts’ expectations of $573.87 million. AvalonBay Communities had a net margin of 36.54% and a return on equity of 7.96%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.72 EPS. As a group, sell-side analysts predict that AvalonBay Communities Inc will post 9 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Thursday, September 27th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 68.21%.
In related news, COO Sean J. Breslin sold 7,200 shares of the company’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $182.20, for a total transaction of $1,311,840.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.43% of the stock is currently owned by corporate insiders.
About AvalonBay Communities
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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