First Trust Advisors LP Grows Holdings in AvalonBay Communities, Inc. (AVB)
First Trust Advisors LP boosted its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 9.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,438 shares of the real estate investment trust’s stock after purchasing an additional 14,034 shares during the quarter. First Trust Advisors LP owned approximately 0.12% of AvalonBay Communities worth $30,053,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in AVB. FMR LLC boosted its holdings in AvalonBay Communities by 22.2% in the second quarter. FMR LLC now owns 5,341,390 shares of the real estate investment trust’s stock worth $1,026,454,000 after purchasing an additional 969,095 shares during the period. Koch Industries Inc. acquired a new position in AvalonBay Communities in the second quarter worth $365,000. Harbour Capital Advisors LLC boosted its holdings in AvalonBay Communities by 19,117.0% in the second quarter. Harbour Capital Advisors LLC now owns 329,572 shares of the real estate investment trust’s stock worth $1,715,000 after purchasing an additional 327,857 shares during the period. PGGM Investments boosted its holdings in AvalonBay Communities by 21.0% in the second quarter. PGGM Investments now owns 1,555,616 shares of the real estate investment trust’s stock worth $298,943,000 after purchasing an additional 270,164 shares during the period. Finally, Cbre Clarion Securities LLC boosted its holdings in AvalonBay Communities by 13.8% in the second quarter. Cbre Clarion Securities LLC now owns 1,977,322 shares of the real estate investment trust’s stock worth $379,982,000 after purchasing an additional 239,157 shares during the period. 97.42% of the stock is owned by hedge funds and other institutional investors.
Shares of AvalonBay Communities, Inc. (NYSE:AVB) opened at 181.89 on Tuesday. The company’s 50 day moving average is $180.63 and its 200-day moving average is $188.10. The company has a market capitalization of $25.05 billion, a PE ratio of 25.05 and a beta of 0.36. AvalonBay Communities, Inc. has a 52 week low of $158.32 and a 52 week high of $199.52.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $1.72 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.45). The business had revenue of $550.50 million for the quarter, compared to the consensus estimate of $539.69 million. AvalonBay Communities had a return on equity of 9.88% and a net margin of 47.90%. AvalonBay Communities’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.11 EPS. On average, analysts expect that AvalonBay Communities, Inc. will post $5.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, September 28th. AvalonBay Communities’s payout ratio is presently 78.13%.
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A number of equities analysts have commented on the stock. Evercore ISI raised shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $194.00 price objective for the company in a report on Monday, September 25th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $209.00 price objective on shares of AvalonBay Communities in a report on Wednesday, October 4th. Barclays PLC lifted their price objective on shares of AvalonBay Communities from $188.00 to $189.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 18th. BidaskClub raised shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $196.00 price target on shares of AvalonBay Communities in a report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $196.00.
AvalonBay Communities Profile
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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