AvalonBay Communities (NYSE:AVB) Lowered to “Hold” at ValuEngine

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ValuEngine cut shares of AvalonBay Communities (NYSE:AVB) from a buy rating to a hold rating in a report issued on Thursday, ValuEngine reports.

A number of other research analysts have also commented on the stock. KeyCorp upped their price target on shares of AvalonBay Communities from $212.00 to $215.00 and gave the company an overweight rating in a research note on Wednesday, July 10th. Morgan Stanley upped their price target on shares of AvalonBay Communities from $194.00 to $217.00 and gave the company an equal weight rating in a research note on Thursday, June 27th. Argus restated a buy rating and set a $215.00 target price on shares of AvalonBay Communities in a research report on Tuesday, April 30th. Barclays increased their target price on shares of AvalonBay Communities from $213.00 to $228.00 and gave the stock an equal weight rating in a research report on Tuesday, July 16th. Finally, Mizuho lowered shares of AvalonBay Communities from a buy rating to a neutral rating and set a $210.00 target price on the stock. in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $206.64.

Shares of AVB opened at $205.76 on Thursday. AvalonBay Communities has a 52 week low of $167.01 and a 52 week high of $214.10. The firm has a market cap of $28.68 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 3.89 and a beta of 0.53. The firm has a 50-day moving average of $207.81. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.57 and a current ratio of 0.57.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.31 by ($1.10). AvalonBay Communities had a net margin of 41.83% and a return on equity of 8.63%. The company had revenue of $577.26 million during the quarter, compared to analyst estimates of $572.69 million. During the same quarter last year, the company posted $2.23 EPS. Analysts anticipate that AvalonBay Communities will post 9.34 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $1.52 per share. The ex-dividend date was Thursday, June 27th. This represents a $6.08 annualized dividend and a dividend yield of 2.95%. AvalonBay Communities’s dividend payout ratio is 67.56%.

In related news, EVP William M. Mclaughlin sold 2,500 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $209.07, for a total transaction of $522,675.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Edward M. Schulman sold 1,500 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $206.93, for a total transaction of $310,395.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,250 shares of company stock worth $1,513,723 in the last quarter. 0.42% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of AVB. Principal Financial Group Inc. boosted its position in shares of AvalonBay Communities by 11.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,208,825 shares of the real estate investment trust’s stock worth $844,837,000 after acquiring an additional 445,179 shares in the last quarter. BlackRock Inc. boosted its position in shares of AvalonBay Communities by 2.0% during the 1st quarter. BlackRock Inc. now owns 16,019,099 shares of the real estate investment trust’s stock worth $3,215,513,000 after acquiring an additional 318,151 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of AvalonBay Communities by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 2,297,292 shares of the real estate investment trust’s stock worth $399,297,000 after acquiring an additional 191,867 shares in the last quarter. Hexavest Inc. acquired a new stake in shares of AvalonBay Communities during the 2nd quarter worth approximately $37,911,000. Finally, California Public Employees Retirement System boosted its position in shares of AvalonBay Communities by 21.0% during the 1st quarter. California Public Employees Retirement System now owns 852,896 shares of the real estate investment trust’s stock worth $171,202,000 after acquiring an additional 147,782 shares in the last quarter. Institutional investors and hedge funds own 91.63% of the company’s stock.

About AvalonBay Communities

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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Analyst Recommendations for AvalonBay Communities (NYSE:AVB)

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