Cadence Capital Management LLC lowered its position in AvalonBay Communities Inc (NYSE:AVB) by 8.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,014 shares of the real estate investment trust’s stock after selling 795 shares during the quarter. Cadence Capital Management LLC’s holdings in AvalonBay Communities were worth $1,633,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of AvalonBay Communities by 8.1% during the first quarter. Principal Financial Group Inc. now owns 3,092,546 shares of the real estate investment trust’s stock valued at $508,600,000 after acquiring an additional 232,456 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of AvalonBay Communities by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,078,649 shares of the real estate investment trust’s stock valued at $357,298,000 after acquiring an additional 34,335 shares during the last quarter. Morgan Stanley boosted its stake in shares of AvalonBay Communities by 0.6% during the second quarter. Morgan Stanley now owns 1,455,639 shares of the real estate investment trust’s stock valued at $250,212,000 after acquiring an additional 8,707 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of AvalonBay Communities by 4.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,445,048 shares of the real estate investment trust’s stock valued at $248,390,000 after acquiring an additional 65,431 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of AvalonBay Communities by 1.9% during the second quarter. Swiss National Bank now owns 873,880 shares of the real estate investment trust’s stock valued at $150,211,000 after acquiring an additional 16,600 shares during the last quarter. Institutional investors and hedge funds own 93.49% of the company’s stock.
Shares of NYSE:AVB opened at $182.53 on Friday. The company has a current ratio of 0.77, a quick ratio of 1.04 and a debt-to-equity ratio of 0.72. AvalonBay Communities Inc has a 12-month low of $152.65 and a 12-month high of $188.91. The stock has a market capitalization of $25.20 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 2.76 and a beta of 0.38.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.87). AvalonBay Communities had a return on equity of 7.96% and a net margin of 36.54%. The business had revenue of $575.98 million during the quarter, compared to analyst estimates of $573.87 million. During the same period in the previous year, the business posted $1.72 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Sell-side analysts expect that AvalonBay Communities Inc will post 9 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Thursday, September 27th. AvalonBay Communities’s payout ratio is 68.21%.
In other AvalonBay Communities news, COO Sean J. Breslin sold 7,200 shares of the firm’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $182.20, for a total value of $1,311,840.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin P. O’shea sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $179.51, for a total value of $269,265.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.
A number of analysts recently commented on the company. BMO Capital Markets raised AvalonBay Communities from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $188.00 to $195.00 in a research note on Friday, November 2nd. Scotiabank assumed coverage on AvalonBay Communities in a research note on Tuesday, October 16th. They set a “sector perform” rating on the stock. Evercore ISI set a $194.00 price objective on AvalonBay Communities and gave the company a “buy” rating in a research note on Monday, October 1st. Deutsche Bank increased their price objective on AvalonBay Communities from $186.00 to $192.00 and gave the company a “hold” rating in a research note on Wednesday, September 5th. Finally, Argus increased their price objective on AvalonBay Communities to $196.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $192.44.
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About AvalonBay Communities
As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 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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