The Manufacturers Life Insurance Company cut its holdings in shares of AvalonBay Communities Inc (NYSE:AVB) by 13.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 131,421 shares of the real estate investment trust’s stock after selling 19,567 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of AvalonBay Communities worth $23,447,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of AVB. Janus Henderson Group PLC increased its holdings in shares of AvalonBay Communities by 151.2% during the 3rd quarter. Janus Henderson Group PLC now owns 629,410 shares of the real estate investment trust’s stock worth $112,300,000 after acquiring an additional 378,809 shares during the last quarter. PGGM Investments increased its holdings in shares of AvalonBay Communities by 21.4% during the 4th quarter. PGGM Investments now owns 1,993,000 shares of the real estate investment trust’s stock worth $355,571,000 after acquiring an additional 350,790 shares during the last quarter. Old Mutual Global Investors UK Ltd. increased its holdings in shares of AvalonBay Communities by 185.9% during the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 504,090 shares of the real estate investment trust’s stock worth $89,939,000 after acquiring an additional 327,763 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of AvalonBay Communities by 316.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 407,714 shares of the real estate investment trust’s stock worth $72,744,000 after acquiring an additional 309,867 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of AvalonBay Communities by 9.5% during the 3rd 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 acquiring an additional 276,035 shares during the last quarter. 95.84% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently weighed in on AVB. UBS Group raised AvalonBay Communities from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $190.00 to $206.00 in a report on Thursday, November 9th. BMO Capital Markets reissued a “hold” rating and set a $190.00 target price on shares of AvalonBay Communities in a report on Monday, November 27th. JPMorgan Chase & Co. lowered AvalonBay Communities from an “overweight” rating to a “neutral” rating and set a $211.00 target price on the stock. in a report on Friday, December 15th. Royal Bank of Canada decreased their target price on AvalonBay Communities from $206.00 to $200.00 and set an “outperform” rating on the stock in a report on Monday, November 6th. Finally, Mizuho reissued a “buy” rating and set a $220.00 target price on shares of AvalonBay Communities in a report on Monday, November 6th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $194.82.
AvalonBay Communities Inc (AVB) opened at $160.01 on Friday. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.71. AvalonBay Communities Inc has a 1-year low of $154.82 and a 1-year high of $199.52. The company has a market capitalization of $21,696.37, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 2.43 and a beta of 0.34.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $1.03. AvalonBay Communities had a return on equity of 8.57% and a net margin of 40.62%. The firm had revenue of $555.29 million for the quarter, compared to analyst estimates of $554.20 million. During the same period in the prior year, the firm posted $2.12 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. equities research analysts predict that AvalonBay Communities Inc will post 9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 29th will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.67%. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.42. The ex-dividend date is Wednesday, March 28th. AvalonBay Communities’s dividend payout ratio is presently 89.31%.
In other news, CEO Timothy J. Naughton sold 25,160 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $183.84, for a total transaction of $4,625,414.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leo S. Horey III sold 2,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $182.75, for a total value of $365,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,660 shares of company stock valued at $5,628,669. Corporate insiders own 0.46% of the company’s stock.
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AvalonBay Communities Profile
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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