Penserra Capital Management LLC purchased a new stake in shares of AvalonBay Communities Inc (NYSE:AVB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,929 shares of the real estate investment trust’s stock, valued at approximately $1,798,000.
Several other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in AvalonBay Communities by 8.1% in the first quarter. Principal Financial Group Inc. now owns 3,092,546 shares of the real estate investment trust’s stock worth $508,600,000 after buying an additional 232,456 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in AvalonBay Communities by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,078,649 shares of the real estate investment trust’s stock worth $357,298,000 after buying an additional 34,335 shares in the last quarter. Morgan Stanley raised its stake in AvalonBay Communities by 0.6% in the second quarter. Morgan Stanley now owns 1,455,639 shares of the real estate investment trust’s stock worth $250,212,000 after buying an additional 8,707 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in AvalonBay Communities by 4.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,445,048 shares of the real estate investment trust’s stock worth $248,390,000 after buying an additional 65,431 shares in the last quarter. Finally, Swiss National Bank raised its stake in AvalonBay Communities by 1.9% in the second quarter. Swiss National Bank now owns 873,880 shares of the real estate investment trust’s stock worth $150,211,000 after buying an additional 16,600 shares in the last quarter. 93.49% of the stock is owned by hedge funds and other institutional investors.
NYSE AVB opened at $182.53 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.04 and a current ratio of 0.77. AvalonBay Communities Inc has a 12-month low of $152.65 and a 12-month high of $188.91. The firm has a market capitalization of $25.20 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 2.76 and a beta of 0.38.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.26 by ($0.87). AvalonBay Communities had a return on equity of 7.96% and a net margin of 36.54%. The firm had revenue of $575.98 million during the quarter, compared to analysts’ expectations of $573.87 million. During the same period in the prior year, the firm posted $1.72 earnings per share. AvalonBay Communities’s revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that AvalonBay Communities Inc will post 9 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Thursday, September 27th. AvalonBay Communities’s dividend payout ratio is currently 68.21%.
In other AvalonBay Communities news, COO Sean J. Breslin sold 7,200 shares of AvalonBay Communities stock in a transaction on Friday, August 24th. The shares were sold at an average price of $182.20, for a total value of $1,311,840.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kevin P. O’shea sold 1,500 shares of AvalonBay Communities stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $179.51, for a total transaction of $269,265.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.
A number of equities analysts recently commented on AVB shares. Evercore ISI set a $194.00 price objective on shares of AvalonBay Communities and gave the stock a “buy” rating in a research note on Monday, October 1st. BMO Capital Markets raised shares of AvalonBay Communities from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $188.00 to $195.00 in a research note on Friday, November 2nd. Argus boosted their price objective on shares of AvalonBay Communities to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Zelman & Associates downgraded shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Finally, Scotiabank started coverage on shares of AvalonBay Communities in a research note on Tuesday, October 16th. They issued a “sector perform” rating for the company. One equities research analyst has rated the stock with a sell rating, thirteen have issued 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 an average price target 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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