AvalonBay Communities Inc. (AVB) Shares Gap Up to $175.41
AvalonBay Communities Inc. (NYSE:AVB) gapped up before the market opened on Tuesday . The stock had previously closed at $175.25, but opened at $175.41. AvalonBay Communities shares last traded at $176.40, with a volume of 190,311 shares trading hands.
AVB has been the topic of a number of analyst reports. Jefferies Group cut AvalonBay Communities from a “buy” rating to a “hold” rating and lowered their target price for the company from $205.00 to $188.00 in a report on Wednesday, June 8th. KeyCorp cut AvalonBay Communities to an “overweight” rating in a report on Friday, July 15th. Evercore ISI cut AvalonBay Communities from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $189.00 to $187.00 in a report on Friday, July 15th. Evercore Partners Inc. restated a “hold” rating on shares of AvalonBay Communities in a report on Friday, July 15th. Finally, Cantor Fitzgerald restated a “hold” rating and set a $188.00 price objective on shares of AvalonBay Communities in a report on Monday, July 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $195.47.
The stock has a 50 day moving average price of $177.35 and a 200 day moving average price of $180.62. The firm has a market cap of $24.19 billion, a price-to-earnings ratio of 30.22 and a beta of 0.72.
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AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $1.99 EPS for the quarter, missing the consensus estimate of $2.09 by $0.10. AvalonBay Communities had a net margin of 43.34% and a return on equity of 8.10%. The company had revenue of $502.30 million for the quarter, compared to analysts’ expectations of $500.25 million. During the same quarter in the prior year, the firm earned $1.87 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. On average, equities research analysts predict that AvalonBay Communities Inc. will post $8.33 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date is Wednesday, September 28th. AvalonBay Communities’s dividend payout ratio is currently 92.62%.
In other news, COO Sean J. Breslin sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $185.71, for a total transaction of $185,710.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew H. Birenbaum sold 6,984 shares of the business’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $185.00, for a total transaction of $1,292,040.00. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. First Financial Corp IN boosted its position in AvalonBay Communities by 21.8% in the second quarter. First Financial Corp IN now owns 559 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 100 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of AvalonBay Communities during the second quarter worth about $125,000. First New York Securities LLC NY acquired a new stake in shares of AvalonBay Communities during the second quarter worth about $144,000. IFP Advisors Inc boosted its stake in shares of AvalonBay Communities by 0.3% in the second quarter. IFP Advisors Inc now owns 1,006 shares of the real estate investment trust’s stock worth $181,000 after buying an additional 3 shares in the last quarter. Finally, West Oak Capital LLC boosted its stake in shares of AvalonBay Communities by 1.9% in the second quarter. West Oak Capital LLC now owns 1,060 shares of the real estate investment trust’s stock worth $191,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 96.80% of the company’s stock.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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