Profund Advisors LLC lowered its stake in AvalonBay Communities Inc (NYSE:AVB) by 24.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,792 shares of the real estate investment trust’s stock after selling 2,233 shares during the quarter. Profund Advisors LLC’s holdings in AvalonBay Communities were worth $1,212,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Chilton Capital Management LLC lifted its holdings in shares of AvalonBay Communities by 4.7% in the fourth quarter. Chilton Capital Management LLC now owns 126,910 shares of the real estate investment trust’s stock worth $22,642,000 after acquiring an additional 5,682 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of AvalonBay Communities by 82.6% in the fourth quarter. Scotia Capital Inc. now owns 7,386 shares of the real estate investment trust’s stock worth $1,318,000 after acquiring an additional 3,342 shares during the last quarter. Long Pond Capital LP bought a new position in shares of AvalonBay Communities in the fourth quarter worth about $25,416,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of AvalonBay Communities by 332.1% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 197,892 shares of the real estate investment trust’s stock worth $35,307,000 after acquiring an additional 152,092 shares during the last quarter. Finally, AXA lifted its holdings in shares of AvalonBay Communities by 17.9% in the fourth quarter. AXA now owns 138,963 shares of the real estate investment trust’s stock worth $24,792,000 after acquiring an additional 21,068 shares during the last quarter. 94.72% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the stock. BMO Capital Markets set a $178.00 target price on shares of AvalonBay Communities and gave the stock a “hold” rating in a report on Monday, February 12th. SunTrust Banks reissued a “buy” rating and issued a $186.00 target price on shares of AvalonBay Communities in a report on Friday, February 2nd. Robert W. Baird set a $178.00 price objective on AvalonBay Communities and gave the company a “buy” rating in a research note on Friday, March 2nd. JPMorgan Chase & Co. downgraded AvalonBay Communities from an “overweight” rating to a “neutral” rating and set a $211.00 price objective for the company. in a research note on Friday, December 15th. Finally, Mizuho set a $185.00 price objective on AvalonBay Communities and gave the company a “buy” rating in a research note on Friday, February 9th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $191.75.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $1.03. The business had revenue of $555.29 million during the quarter, compared to the consensus estimate of $554.20 million. AvalonBay Communities had a net margin of 40.62% and a return on equity of 8.57%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.12 EPS. analysts expect that AvalonBay Communities Inc will post 8.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Wednesday, March 28th. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.42. AvalonBay Communities’s dividend payout ratio is currently 89.31%.
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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