Legal & General Group Plc Has $410.87 Million Holdings in AvalonBay Communities, Inc. $AVB

Legal & General Group Plc lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 7.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,126,971 shares of the real estate investment trust’s stock after selling 163,834 shares during the period. Legal & General Group Plc owned approximately 1.50% of AvalonBay Communities worth $410,867,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of AVB. Mather Group LLC. acquired a new position in AvalonBay Communities in the 3rd quarter valued at approximately $30,000. Clearstead Trust LLC lifted its holdings in shares of AvalonBay Communities by 62.0% in the 2nd quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 62 shares in the last quarter. AlphaQuest LLC bought a new position in AvalonBay Communities in the 3rd quarter valued at about $33,000. Headlands Technologies LLC bought a new position in shares of AvalonBay Communities in the second quarter valued at approximately $36,000. Finally, Atlantic Union Bankshares Corp purchased a new position in AvalonBay Communities during the 2nd quarter worth $59,000. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Down 1.3%

Shares of NYSE:AVB opened at $174.33 on Wednesday. AvalonBay Communities, Inc. has a one year low of $166.73 and a one year high of $217.35. The firm has a fifty day moving average price of $177.89 and a two-hundred day moving average price of $182.52. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $24.42 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 3.10 and a beta of 0.75.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a return on equity of 8.78% and a net margin of 34.57%.The firm had revenue of $767.86 million during the quarter, compared to the consensus estimate of $766.38 million. During the same quarter last year, the company posted $2.80 EPS. Analysts anticipate that AvalonBay Communities, Inc. will post 11.48 EPS for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Tuesday, March 31st. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.75. AvalonBay Communities’s dividend payout ratio is presently 85.47%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of AvalonBay Communities in a research note on Friday, January 9th. Citigroup reduced their target price on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Scotiabank dropped their price target on shares of AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 4th. Mizuho cut their price objective on shares of AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a report on Monday, November 24th. Finally, UBS Group lowered their target price on shares of AvalonBay Communities from $192.00 to $191.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $199.66.

AvalonBay Communities Profile

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.