Synovus Financial Corp Buys 1,500 Shares of AvalonBay Communities Inc (NYSE:AVB)

Share on StockTwits

Synovus Financial Corp lifted its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 61.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,934 shares of the real estate investment trust’s stock after acquiring an additional 1,500 shares during the period. Synovus Financial Corp’s holdings in AvalonBay Communities were worth $847,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. West Oak Capital LLC boosted its holdings in AvalonBay Communities by 5.6% during the second quarter. West Oak Capital LLC now owns 945 shares of the real estate investment trust’s stock worth $192,000 after purchasing an additional 50 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in AvalonBay Communities by 2.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 1,920 shares of the real estate investment trust’s stock worth $390,000 after acquiring an additional 50 shares during the period. 6 Meridian increased its position in AvalonBay Communities by 2.0% during the second quarter. 6 Meridian now owns 2,651 shares of the real estate investment trust’s stock worth $539,000 after acquiring an additional 51 shares during the period. CX Institutional increased its position in AvalonBay Communities by 85.5% during the third quarter. CX Institutional now owns 115 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 53 shares during the period. Finally, NEXT Financial Group Inc increased its position in AvalonBay Communities by 16.7% during the second quarter. NEXT Financial Group Inc now owns 426 shares of the real estate investment trust’s stock worth $87,000 after acquiring an additional 61 shares during the period. 92.53% of the stock is owned by institutional investors.

In other news, insider Leo S. Horey III sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $214.00, for a total value of $428,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP William M. Mclaughlin sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $215.11, for a total transaction of $537,775.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,801 shares of company stock worth $1,243,499. 0.42% of the stock is currently owned by corporate insiders.

AVB stock traded up $1.36 during mid-day trading on Friday, hitting $210.50. The stock had a trading volume of 52,561 shares, compared to its average volume of 740,769. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.68. AvalonBay Communities Inc has a 52 week low of $167.01 and a 52 week high of $222.87. The firm has a market capitalization of $29.42 billion, a P/E ratio of 23.39, a P/E/G ratio of 3.66 and a beta of 0.47. The firm has a fifty day simple moving average of $216.41 and a 200 day simple moving average of $208.59.

AvalonBay Communities (NYSE:AVB) last released its earnings results 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 net margin of 45.56% and a return on equity of 9.35%. The firm had revenue of $587.61 million for the quarter, compared to analyst estimates of $585.86 million. During the same period last year, the firm earned $1.39 EPS. As a group, equities analysts expect that AvalonBay Communities Inc will post 9.3 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.52 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.89%. AvalonBay Communities’s payout ratio is currently 67.56%.

A number of equities analysts recently commented on the stock. Citigroup raised their price target on shares of AvalonBay Communities from $210.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $214.00 to $224.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Barclays reaffirmed a “hold” rating and set a $240.00 price target on shares of AvalonBay Communities in a research report on Sunday, October 13th. Wells Fargo & Co raised their price target on shares of AvalonBay Communities from $218.00 to $224.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Finally, SunTrust Banks raised their price target on shares of AvalonBay Communities from $211.00 to $218.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $219.43.

AvalonBay Communities 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.

Featured Story: What is the Gross Domestic Product (GDP)?

Want to see what other hedge funds are holding AVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AvalonBay Communities Inc (NYSE:AVB).

Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.