FIL Ltd lessened its position in AvalonBay Communities Inc (NYSE:AVB) by 17.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,610 shares of the real estate investment trust’s stock after selling 16,690 shares during the period. FIL Ltd owned approximately 0.06% of AvalonBay Communities worth $14,783,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in AVB. Janney Montgomery Scott LLC increased its holdings in shares of AvalonBay Communities by 32.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 5,269 shares of the real estate investment trust’s stock worth $906,000 after acquiring an additional 1,280 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in shares of AvalonBay Communities in the 2nd quarter worth about $278,000. Massachusetts Financial Services Co. MA increased its holdings in shares of AvalonBay Communities by 2.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 532,440 shares of the real estate investment trust’s stock worth $91,521,000 after acquiring an additional 14,764 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of AvalonBay Communities by 6.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 28,287 shares of the real estate investment trust’s stock worth $4,862,000 after acquiring an additional 1,650 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of AvalonBay Communities in the 2nd quarter worth about $613,000. 93.55% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Kevin P. O’shea sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $179.51, for a total transaction of $269,265.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leo S. Horey III sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $186.88, for a total transaction of $373,760.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,987 shares of company stock worth $6,142,732. 0.43% of the stock is owned by corporate insiders.
AvalonBay Communities stock opened at $188.07 on Friday. The stock has a market cap of $26.10 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 2.86 and a beta of 0.38. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.77 and a current ratio of 0.77. AvalonBay Communities Inc has a 52 week low of $152.65 and a 52 week high of $188.88.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, October 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.26 by ($0.87). The company had revenue of $575.98 million for the quarter, compared to analyst estimates of $573.87 million. AvalonBay Communities had a net margin of 36.54% and a return on equity of 7.96%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.72 EPS. As a group, research analysts forecast that AvalonBay Communities Inc will post 8.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a dividend of $1.47 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $5.88 annualized dividend and a yield of 3.13%. AvalonBay Communities’s payout ratio is 68.21%.
AVB has been the topic of a number of analyst reports. ValuEngine raised shares of AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Scotiabank initiated coverage on shares of AvalonBay Communities in a report on Tuesday, October 16th. They issued a “sector perform” rating on the stock. Deutsche Bank increased their price objective on shares of AvalonBay Communities from $186.00 to $192.00 and gave the stock a “hold” rating in a report on Wednesday, September 5th. Argus increased their price objective on shares of AvalonBay Communities from $196.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, November 21st. Finally, BMO Capital Markets raised shares of AvalonBay Communities from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $188.00 to $195.00 in a report on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight 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 $192.41.
AvalonBay Communities Profile
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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