BMO Capital Markets Reiterates Hold Rating for AvalonBay Communities Inc (AVB)
AvalonBay Communities Inc (NYSE:AVB)‘s stock had its “hold” rating reiterated by stock analysts at BMO Capital Markets in a research note issued on Thursday. They currently have a $191.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ price target points to a potential downside of 0.68% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the company. Deutsche Bank AG cut AvalonBay Communities from a “buy” rating to a “hold” rating and set a $193.00 price objective on the stock. in a research note on Wednesday, May 17th. BTIG Research boosted their price objective on AvalonBay Communities from $191.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, April 24th. Jefferies Group LLC reissued a “hold” rating and set a $196.00 price objective on shares of AvalonBay Communities in a research note on Monday, April 24th. Evercore ISI reduced their price objective on AvalonBay Communities from $188.00 to $186.00 and set an “in-line” rating on the stock in a research note on Wednesday, April 19th. Finally, Barclays PLC boosted their price objective on AvalonBay Communities from $174.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. AvalonBay Communities has a consensus rating of “Hold” and an average target price of $192.73.
Shares of AvalonBay Communities (NYSE:AVB) traded up 0.53% during trading on Thursday, hitting $193.32. The stock had a trading volume of 261,754 shares. The stock has a 50 day moving average of $189.58 and a 200 day moving average of $179.05. The company has a market cap of $26.56 billion, a PE ratio of 25.76 and a beta of 0.33. AvalonBay Communities has a 12 month low of $158.32 and a 12 month high of $194.11.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.11 by $0.02. AvalonBay Communities had a return on equity of 10.36% and a net margin of 50.56%. The company had revenue of $522.33 million for the quarter, compared to the consensus estimate of $520.56 million. During the same period in the previous year, the firm earned $1.97 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that AvalonBay Communities will post $5.10 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a dividend of $1.42 per share. The ex-dividend date is Wednesday, June 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.95%. AvalonBay Communities’s dividend payout ratio is 71.81%.
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In other news, SVP Keri A. Shea sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $192.36, for a total transaction of $192,360.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Edward M. Schulman sold 1,764 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $191.82, for a total value of $338,370.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,784 shares of company stock worth $7,964,242. Insiders own 0.53% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in AvalonBay Communities by 1.9% in the first quarter. Vanguard Group Inc. now owns 21,857,497 shares of the real estate investment trust’s stock worth $4,013,036,000 after buying an additional 406,218 shares in the last quarter. BlackRock Inc. raised its stake in shares of AvalonBay Communities by 2,676.8% in the first quarter. BlackRock Inc. now owns 14,398,025 shares of the real estate investment trust’s stock worth $2,643,476,000 after buying an additional 13,879,505 shares during the last quarter. FMR LLC raised its stake in shares of AvalonBay Communities by 21.5% in the first quarter. FMR LLC now owns 4,372,295 shares of the real estate investment trust’s stock worth $802,753,000 after buying an additional 773,410 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of AvalonBay Communities by 6.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,418,752 shares of the real estate investment trust’s stock worth $607,991,000 after buying an additional 213,856 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of AvalonBay Communities by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 3,112,136 shares of the real estate investment trust’s stock worth $571,387,000 after buying an additional 65,999 shares during the last quarter. 97.05% of the stock is currently owned by hedge funds and other institutional investors.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused 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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