Andra AP fonden Invests $7.03 Million in AvalonBay Communities Inc (NYSE:AVB)
Andra AP fonden purchased a new position in AvalonBay Communities Inc (NYSE:AVB) during the first quarter, HoldingsChannel.com reports. The firm purchased 35,000 shares of the real estate investment trust’s stock, valued at approximately $7,026,000.
Several other hedge funds have also recently added to or reduced their stakes in AVB. TD Asset Management Inc. lifted its holdings in AvalonBay Communities by 2.8% in the 4th quarter. TD Asset Management Inc. now owns 40,511 shares of the real estate investment trust’s stock worth $7,051,000 after buying an additional 1,090 shares during the period. Janney Montgomery Scott LLC lifted its holdings in AvalonBay Communities by 3.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 5,474 shares of the real estate investment trust’s stock worth $953,000 after buying an additional 192 shares during the period. M&T Bank Corp lifted its holdings in AvalonBay Communities by 0.5% in the 4th quarter. M&T Bank Corp now owns 11,665 shares of the real estate investment trust’s stock worth $2,031,000 after buying an additional 54 shares during the period. Rothschild & Co. Asset Management US Inc. purchased a new stake in AvalonBay Communities in the 4th quarter worth approximately $21,272,000. Finally, WINTON GROUP Ltd lifted its holdings in AvalonBay Communities by 6.2% in the 4th quarter. WINTON GROUP Ltd now owns 1,385 shares of the real estate investment trust’s stock worth $241,000 after buying an additional 81 shares during the period. Hedge funds and other institutional investors own 91.88% of the company’s stock.
In related news, EVP William M. Mclaughlin sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $209.07, for a total transaction of $522,675.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leo S. Horey III sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $210.00, for a total value of $420,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,881 shares of company stock valued at $2,042,649. 0.42% of the stock is currently owned by company insiders.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 EPS for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.02. The company had revenue of $459.80 million during the quarter, compared to analysts’ expectations of $575.92 million. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 EPS. As a group, research analysts expect that AvalonBay Communities Inc will post 9.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $1.52 dividend. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, June 27th. AvalonBay Communities’s payout ratio is presently 67.56%.
Several equities research analysts have weighed in on AVB shares. SunTrust Banks increased their price objective on AvalonBay Communities to $208.00 and gave the stock an “average” rating in a report on Thursday, February 14th. Mizuho cut AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price objective for the company. in a report on Wednesday, May 8th. Citigroup cut AvalonBay Communities from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $190.00 to $205.00 in a report on Thursday, February 21st. They noted that the move was a valuation call. Argus reiterated a “buy” rating and issued a $215.00 price objective on shares of AvalonBay Communities in a report on Tuesday, April 30th. Finally, KeyCorp increased their price objective on AvalonBay Communities from $199.00 to $207.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $202.67.
AvalonBay Communities Company Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine 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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