AvalonBay Communities Inc (NYSE:AVB) Shares Bought by Cbre Clarion Securities LLC
Cbre Clarion Securities LLC increased its holdings in shares of AvalonBay Communities Inc (NYSE:AVB) by 366.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 895,428 shares of the real estate investment trust’s stock after purchasing an additional 703,467 shares during the period. AvalonBay Communities makes up approximately 3.6% of Cbre Clarion Securities LLC’s holdings, making the stock its 6th largest position. Cbre Clarion Securities LLC owned 0.64% of AvalonBay Communities worth $131,780,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of AVB. Wealth Quarterback LLC bought a new stake in shares of AvalonBay Communities in the 4th quarter valued at approximately $5,348,410,000. Norges Bank bought a new position in AvalonBay Communities during the 4th quarter worth about $606,892,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in AvalonBay Communities by 123.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,824,472 shares of the real estate investment trust’s stock worth $268,508,000 after purchasing an additional 1,006,328 shares in the last quarter. Cohen & Steers Inc. grew its holdings in shares of AvalonBay Communities by 63.3% in the 4th quarter. Cohen & Steers Inc. now owns 2,356,439 shares of the real estate investment trust’s stock valued at $494,145,000 after acquiring an additional 913,282 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of AvalonBay Communities by 19.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,831,274 shares of the real estate investment trust’s stock valued at $711,009,000 after acquiring an additional 786,201 shares in the last quarter. Hedge funds and other institutional investors own 90.91% of the company’s stock.
AVB has been the subject of several research reports. Morgan Stanley cut their price objective on shares of AvalonBay Communities from $226.00 to $143.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. TheStreet lowered shares of AvalonBay Communities from a “b-” rating to a “c+” rating in a report on Thursday, March 19th. Stifel Nicolaus boosted their target price on shares of AvalonBay Communities from $171.00 to $176.00 and gave the company a “buy” rating in a report on Friday, May 8th. Deutsche Bank dropped their target price on shares of AvalonBay Communities from $221.00 to $180.00 and set a “hold” rating on the stock in a report on Thursday, April 16th. Finally, Citigroup dropped their target price on shares of AvalonBay Communities from $225.00 to $145.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $198.71.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $1.19 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.19. AvalonBay Communities had a net margin of 33.20% and a return on equity of 7.21%. The business had revenue of $547.51 million during the quarter, compared to the consensus estimate of $596.58 million. During the same period in the prior year, the firm posted $1.23 EPS. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, research analysts predict that AvalonBay Communities Inc will post 9.11 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.59 per share. This represents a $6.36 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Monday, June 29th. AvalonBay Communities’s dividend payout ratio is currently 68.09%.
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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