ING Groep NV bought a new stake in AvalonBay Communities Inc. (NYSE:AVB) during the second quarter, Holdings Channel reports. The institutional investor bought 4,836 shares of the real estate investment trust’s stock, valued at approximately $872,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc increased its position in AvalonBay Communities by 24.8% in the first quarter. IFP Advisors Inc now owns 1,003 shares of the real estate investment trust’s stock valued at $191,000 after buying an additional 199 shares in the last quarter. CIBC World Markets Inc. purchased a new position in AvalonBay Communities during the first quarter valued at about $1,040,000. Los Angeles Capital Management & Equity Research Inc. increased its position in AvalonBay Communities by 17.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,647 shares of the real estate investment trust’s stock valued at $2,976,000 after buying an additional 2,365 shares in the last quarter. Nikko Asset Management Americas Inc. purchased a new position in AvalonBay Communities during the first quarter valued at about $302,000. Finally, NN Investment Partners Holdings N.V. purchased a new position in AvalonBay Communities during the first quarter valued at about $5,987,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.
AvalonBay Communities Inc. (NYSE:AVB) traded down 0.79% during trading on Friday, reaching $165.63. The company’s stock had a trading volume of 873,610 shares. The stock’s 50-day moving average is $175.30 and its 200 day moving average is $180.02. AvalonBay Communities Inc. has a 12 month low of $160.66 and a 12 month high of $192.29. The company has a market cap of $22.74 billion, a P/E ratio of 28.41 and a beta of 0.57.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $1.99 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by $0.10. The business had revenue of $502.30 million for the quarter, compared to analyst estimates of $500.25 million. AvalonBay Communities had a return on equity of 8.10% and a net margin of 43.34%. AvalonBay Communities’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 EPS. On average, equities analysts forecast that AvalonBay Communities Inc. will post $8.34 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.01 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 92.62%.
Several research analysts have issued reports on AVB shares. Cantor Fitzgerald reaffirmed a “hold” rating and set a $188.00 price objective on shares of AvalonBay Communities in a report on Monday, July 18th. BTIG Research started coverage on AvalonBay Communities in a report on Thursday, August 25th. They set a “buy” rating and a $208.00 price objective on the stock. Jefferies Group reaffirmed a “hold” rating on shares of AvalonBay Communities in a report on Monday, August 1st. Sandler O’Neill raised AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Tuesday, September 6th. Finally, Deutsche Bank AG dropped their target price on shares of AvalonBay Communities from $194.00 to $193.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $195.47.
In related news, insider Matthew H. Birenbaum sold 6,984 shares of the business’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $185.00, for a total value of $1,292,040.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Sean J. Breslin sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $185.71, for a total transaction of $185,710.00. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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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