Livforsakringsbolaget Skandia Omsesidigt trimmed its holdings in AvalonBay Communities Inc (NYSE:AVB) by 38.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,275 shares of the real estate investment trust’s stock after selling 800 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in AvalonBay Communities were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Qube Research & Technologies Ltd acquired a new stake in AvalonBay Communities in the 2nd quarter valued at about $931,000. Heitman Real Estate Securities LLC grew its stake in AvalonBay Communities by 25.6% in the 2nd quarter. Heitman Real Estate Securities LLC now owns 689,292 shares of the real estate investment trust’s stock valued at $126,722,000 after acquiring an additional 140,427 shares during the last quarter. Securian Asset Management Inc grew its stake in AvalonBay Communities by 28.7% in the 2nd quarter. Securian Asset Management Inc now owns 246,880 shares of the real estate investment trust’s stock valued at $42,436,000 after acquiring an additional 55,026 shares during the last quarter. Timbercreek Investment Management Inc. grew its stake in AvalonBay Communities by 49.4% in the 3rd quarter. Timbercreek Investment Management Inc. now owns 124,029 shares of the real estate investment trust’s stock valued at $22,468,000 after acquiring an additional 41,000 shares during the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in AvalonBay Communities in the 2nd quarter valued at about $6,994,000. 93.21% of the stock is currently owned by hedge funds and other institutional investors.
AvalonBay Communities stock opened at $175.33 on Friday. AvalonBay Communities Inc has a 12-month low of $152.65 and a 12-month high of $188.91. The stock has a market cap of $24.69 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 2.64 and a beta of 0.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.04 and a current ratio of 1.04.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.26 by ($0.87). AvalonBay Communities had a return on equity of 7.96% and a net margin of 36.54%. The firm had revenue of $575.98 million for the quarter, compared to analyst estimates of $573.87 million. During the same period in the prior year, the business earned $1.72 earnings per share. AvalonBay Communities’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that AvalonBay Communities Inc will post 8.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were given a $1.47 dividend. The ex-dividend date was Thursday, September 27th. This represents a $5.88 annualized dividend and a dividend yield of 3.35%. AvalonBay Communities’s dividend payout ratio is presently 68.21%.
In related news, COO Sean J. Breslin sold 7,200 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $182.20, for a total value of $1,311,840.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.43% of the stock is currently owned by company insiders.
A number of equities research analysts recently commented on AVB shares. Zelman & Associates cut shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Mizuho reissued a “buy” rating and issued a $212.00 price objective on shares of AvalonBay Communities in a research note on Monday, August 6th. Robert W. Baird cut shares of AvalonBay Communities from an “outperform” rating to a “neutral” rating and set a $197.00 price objective on the stock. in a research note on Wednesday, August 15th. Deutsche Bank increased their price objective on shares of AvalonBay Communities from $186.00 to $192.00 and gave the company a “hold” rating in a research note on Wednesday, September 5th. Finally, Argus raised their price target on shares of AvalonBay Communities to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $192.50.
About AvalonBay Communities
As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 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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