Jennison Associates LLC bought a new position in shares of AvalonBay Communities Inc (NYSE:AVB) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 1,142 shares of the real estate investment trust’s stock, valued at approximately $229,000.
Other institutional investors also recently bought and sold shares of the company. Cornerstone Advisors Inc. grew its position in shares of AvalonBay Communities by 85.5% during the 1st quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 59 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of AvalonBay Communities during the 1st quarter worth about $27,000. WP Advisors LLC acquired a new position in shares of AvalonBay Communities during the 1st quarter worth about $31,000. Nalls Sherbakoff Group LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $35,000. Finally, CNB Bank acquired a new position in shares of AvalonBay Communities during the 4th quarter worth about $41,000. Institutional investors own 91.88% of the company’s stock.
Several equities analysts have recently issued reports on AVB shares. KeyCorp boosted their target price on AvalonBay Communities from $199.00 to $207.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Citigroup lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $205.00 in a research report on Thursday, February 21st. They noted that the move was a valuation call. SunTrust Banks boosted their target price on AvalonBay Communities to $208.00 and gave the stock an “average” rating in a research report on Thursday, February 14th. Argus restated a “buy” rating and set a $215.00 target price on shares of AvalonBay Communities in a research report on Tuesday, April 30th. Finally, Barclays lifted their price objective on AvalonBay Communities from $203.00 to $211.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $202.67.
NYSE:AVB opened at $207.09 on Friday. AvalonBay Communities Inc has a fifty-two week low of $166.07 and a fifty-two week high of $210.93. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. The stock has a market cap of $28.88 billion, a PE ratio of 23.01, a price-to-earnings-growth ratio of 3.92 and a beta of 0.54.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.02. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The business had revenue of $459.80 million for the quarter, compared to analysts’ expectations of $575.92 million. During the same quarter in the previous year, the business posted $2.18 EPS. AvalonBay Communities’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities analysts expect that AvalonBay Communities Inc will post 9.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.52 per share. This represents a $6.08 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, June 27th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 67.56%.
In other AvalonBay Communities news, CFO Kevin P. O’shea sold 250 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $205.49, for a total value of $51,372.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Keri A. Shea sold 1,131 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $200.09, for a total value of $226,301.79. The disclosure for this sale can be found here. Insiders have sold a total of 9,881 shares of company stock worth $2,042,649 in the last quarter. 0.42% of the stock is currently owned by company insiders.
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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.
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