Pendal Group Ltd raised its position in shares of AvalonBay Communities Inc (NYSE:AVB) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,897 shares of the real estate investment trust’s stock after purchasing an additional 389 shares during the period. Pendal Group Ltd’s holdings in AvalonBay Communities were worth $7,801,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of AVB. BlackRock Inc. raised its position in shares of AvalonBay Communities by 1.6% during the 3rd quarter. BlackRock Inc. now owns 15,315,518 shares of the real estate investment trust’s stock worth $2,774,406,000 after buying an additional 242,688 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of AvalonBay Communities by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,087,991 shares of the real estate investment trust’s stock worth $378,227,000 after buying an additional 9,342 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of AvalonBay Communities by 1.7% during the 3rd quarter. Renaissance Technologies LLC now owns 1,549,800 shares of the real estate investment trust’s stock worth $280,746,000 after buying an additional 25,286 shares in the last quarter. Morgan Stanley raised its position in shares of AvalonBay Communities by 6.0% during the 3rd quarter. Morgan Stanley now owns 1,543,079 shares of the real estate investment trust’s stock worth $279,528,000 after buying an additional 87,440 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of AvalonBay Communities by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 1,207,539 shares of the real estate investment trust’s stock worth $218,690,000 after buying an additional 27,812 shares in the last quarter. 92.52% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. BTIG Research upgraded shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $216.00 price target on the stock in a research report on Thursday, December 6th. ValuEngine downgraded shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a research report on Monday, January 7th. Morgan Stanley boosted their target price on shares of AvalonBay Communities from $168.00 to $194.00 and gave the stock an “equal weight” rating in a report on Monday, December 17th. BMO Capital Markets upgraded shares of AvalonBay Communities from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $188.00 to $195.00 in a report on Friday, November 2nd. Finally, Zacks Investment Research downgraded shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $194.25.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, October 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.87). The business had revenue of $575.98 million during the quarter, compared to the consensus estimate of $573.87 million. AvalonBay Communities had a return on equity of 7.96% and a net margin of 36.54%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.72 earnings per share. On average, research analysts expect that AvalonBay Communities Inc will post 9.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st were given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Friday, December 28th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 68.21%.
In other news, COO Sean J. Breslin sold 3,100 shares of AvalonBay Communities stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $189.13, for a total value of $586,303.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward M. Schulman sold 1,400 shares of AvalonBay Communities stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $183.76, for a total transaction of $257,264.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,453 shares of company stock worth $7,365,478. 0.43% of the stock is currently owned by insiders.
About AvalonBay Communities
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 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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