Cbre Clarion Securities LLC grew its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 8.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,064 shares of the real estate investment trust’s stock after acquiring an additional 11,602 shares during the quarter. Cbre Clarion Securities LLC’s holdings in AvalonBay Communities were worth $27,688,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. The PNC Financial Services Group Inc. increased its stake in shares of AvalonBay Communities by 4.9% during the 1st quarter. The PNC Financial Services Group Inc. now owns 15,489 shares of the real estate investment trust’s stock valued at $2,858,000 after acquiring an additional 717 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of AvalonBay Communities by 216.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 296,286 shares of the real estate investment trust’s stock worth $47,533,000 after purchasing an additional 202,588 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of AvalonBay Communities by 0.7% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 134,982 shares of the real estate investment trust’s stock worth $21,655,000 after purchasing an additional 937 shares during the period. Illinois Municipal Retirement Fund grew its holdings in shares of AvalonBay Communities by 87.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 10,605 shares of the real estate investment trust’s stock worth $1,701,000 after purchasing an additional 4,934 shares during the period. Finally, Shell Asset Management Co. grew its holdings in shares of AvalonBay Communities by 2.9% during the 1st quarter. Shell Asset Management Co. now owns 6,987 shares of the real estate investment trust’s stock worth $1,289,000 after purchasing an additional 197 shares during the period. 86.70% of the stock is owned by institutional investors.
In related news, CFO Kevin P. O’shea sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $204.19, for a total transaction of $612,570.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Edward M. Schulman sold 1,271 shares of the company’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $204.27, for a total value of $259,627.17. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,265 shares of company stock worth $1,083,860. Corporate insiders own 0.36% of the company’s stock.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.94 by ($0.92). The firm had revenue of $497.44 million for the quarter, compared to analyst estimates of $544.98 million. AvalonBay Communities had a net margin of 35.63% and a return on equity of 7.47%. The business’s revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.39 earnings per share. On average, analysts anticipate that AvalonBay Communities, Inc. will post 7.83 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be given a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Tuesday, June 29th. AvalonBay Communities’s dividend payout ratio is currently 73.19%.
AVB has been the subject of a number of research reports. BTIG Research boosted their target price on AvalonBay Communities from $206.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, June 3rd. Evercore ISI upgraded AvalonBay Communities from an “in-line” rating to an “outperform” rating in a report on Monday, May 3rd. Smith Barney Citigroup upgraded AvalonBay Communities from a “neutral” rating to an “outperform” rating in a report on Monday, April 19th. Zacks Investment Research upgraded AvalonBay Communities from a “strong sell” rating to a “hold” rating and set a $200.00 target price for the company in a report on Wednesday, April 14th. Finally, Truist Securities cut AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Friday, June 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $191.69.
AvalonBay Communities Profile
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
Recommended Story: Trade War
Want to see what other hedge funds are holding AVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AvalonBay Communities, Inc. (NYSE:AVB).
Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.