TD Asset Management Inc. cut its position in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,646 shares of the real estate investment trust’s stock after selling 2,660 shares during the period. TD Asset Management Inc.’s holdings in AvalonBay Communities were worth $7,609,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in AVB. FMR LLC boosted its stake in AvalonBay Communities by 22.2% during the second quarter. FMR LLC now owns 5,341,390 shares of the real estate investment trust’s stock valued at $1,026,454,000 after buying an additional 969,095 shares during the last quarter. Koch Industries Inc. bought a new stake in shares of AvalonBay Communities in the 2nd quarter valued at approximately $365,000. Old Mutual Global Investors UK Ltd. lifted its stake in shares of AvalonBay Communities by 185.9% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 504,090 shares of the real estate investment trust’s stock valued at $89,939,000 after purchasing an additional 327,763 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of AvalonBay Communities by 316.7% in the third quarter. Canada Pension Plan Investment Board now owns 407,714 shares of the real estate investment trust’s stock worth $72,744,000 after buying an additional 309,867 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of AvalonBay Communities by 9.5% in the third quarter. Bank of New York Mellon Corp now owns 3,184,930 shares of the real estate investment trust’s stock worth $568,255,000 after buying an additional 276,035 shares during the period. 94.82% of the stock is owned by institutional investors.
Shares of AvalonBay Communities, Inc. (NYSE AVB) opened at $181.12 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.10 and a quick ratio of 0.10. The firm has a market capitalization of $25,039.48, a price-to-earnings ratio of 21.36, a PEG ratio of 2.85 and a beta of 0.35. AvalonBay Communities, Inc. has a 52-week low of $163.27 and a 52-week high of $199.52.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $1.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.17 by ($0.45). The business had revenue of $550.50 million during the quarter, compared to analyst estimates of $539.69 million. AvalonBay Communities had a return on equity of 8.66% and a net margin of 41.55%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.11 EPS. research analysts expect that AvalonBay Communities, Inc. will post 8.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $5.68 dividend on an annualized basis and a yield of 3.14%. AvalonBay Communities’s dividend payout ratio is currently 88.75%.
AVB has been the topic of several research reports. Stifel Nicolaus restated a “buy” rating and set a $209.00 price objective on shares of AvalonBay Communities in a report on Wednesday, October 4th. Royal Bank Of Canada reduced their price objective on AvalonBay Communities from $206.00 to $200.00 and set an “outperform” rating on the stock in a report on Monday, November 6th. Mizuho restated a “buy” rating and set a $220.00 price objective on shares of AvalonBay Communities in a report on Monday, November 6th. Robert W. Baird restated a “buy” rating and set a $202.00 price objective on shares of AvalonBay Communities in a report on Friday, September 1st. Finally, BidaskClub downgraded AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $199.20.
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About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused 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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