Duff & Phelps Investment Management Co. lowered its position in AvalonBay Communities Inc. (NYSE:AVB) by 38.1% during the second quarter, Holdings Channel reports. The firm owned 346,951 shares of the real estate investment trust’s stock after selling 213,325 shares during the period. Duff & Phelps Investment Management Co.’s holdings in AvalonBay Communities were worth $62,586,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Renaissance Technologies LLC boosted its position in AvalonBay Communities by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,350,814 shares of the real estate investment trust’s stock worth $256,925,000 after buying an additional 212,300 shares during the period. Bank of Montreal Can acquired a new position in AvalonBay Communities during the second quarter worth approximately $30,168,000. State Street Corp boosted its position in AvalonBay Communities by 1.3% in the first quarter. State Street Corp now owns 7,912,560 shares of the real estate investment trust’s stock worth $1,504,961,000 after buying an additional 97,887 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in AvalonBay Communities by 267.6% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 112,121 shares of the real estate investment trust’s stock worth $20,124,000 after buying an additional 81,621 shares during the period. Finally, Capital Fund Management S.A. acquired a new position in AvalonBay Communities during the second quarter worth approximately $7,445,000. 96.56% of the stock is owned by institutional investors.
Shares of AvalonBay Communities Inc. (NYSE:AVB) traded up 0.22% on Wednesday, reaching $169.14. The company’s stock had a trading volume of 413,275 shares. AvalonBay Communities Inc. has a 12-month low of $160.66 and a 12-month high of $192.29. The company’s 50 day moving average price is $173.89 and its 200 day moving average price is $178.98. The company has a market cap of $23.23 billion, a P/E ratio of 29.02 and a beta of 0.57.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $1.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by $0.10. The business had revenue of $502.30 million for the quarter, compared to analysts’ expectations of $500.25 million. AvalonBay Communities had a net margin of 43.34% and a return on equity of 8.10%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 earnings per share. Analysts forecast that AvalonBay Communities Inc. will post $8.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date was Wednesday, September 28th. AvalonBay Communities’s payout ratio is 92.62%.
A number of equities analysts have recently commented on AVB shares. Sandler O’Neill raised AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Tuesday, September 6th. Deutsche Bank AG lowered their target price on AvalonBay Communities from $194.00 to $193.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. KeyCorp cut AvalonBay Communities to an “overweight” rating in a report on Friday, July 15th. Jefferies Group reaffirmed a “hold” rating on shares of AvalonBay Communities in a report on Tuesday, September 6th. Finally, Evercore ISI cut AvalonBay Communities from a “buy” rating to a “hold” rating and lowered their target price for the stock from $189.00 to $187.00 in a report on Friday, July 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $195.47.
In related news, COO Sean J. Breslin sold 1,000 shares of AvalonBay Communities stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $185.71, for a total transaction of $185,710.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew H. Birenbaum sold 6,984 shares of AvalonBay Communities stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $185.00, for a total transaction of $1,292,040.00. The disclosure for this sale can be found here. Corporate 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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