AvalonBay Communities Inc (NYSE:AVB) – Analysts at SunTrust Banks lifted their FY2020 earnings estimates for shares of AvalonBay Communities in a report released on Wednesday, January 15th. SunTrust Banks analyst M. Lewis now forecasts that the real estate investment trust will post earnings per share of $9.92 for the year, up from their prior forecast of $9.91. SunTrust Banks currently has a “Buy” rating and a $226.00 price objective on the stock. SunTrust Banks also issued estimates for AvalonBay Communities’ FY2021 earnings at $10.47 EPS, FY2022 earnings at $10.87 EPS, FY2023 earnings at $11.18 EPS and FY2024 earnings at $11.39 EPS.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.80. The business had revenue of $587.61 million during the quarter, compared to the consensus estimate of $585.86 million. AvalonBay Communities had a net margin of 45.56% and a return on equity of 9.35%. During the same period in the prior year, the firm earned $1.39 EPS.
A number of other equities analysts have also recently issued reports on AVB. BMO Capital Markets cut shares of AvalonBay Communities from an “outperform” rating to a “market perform” rating and set a $220.00 price objective for the company. in a research note on Tuesday, January 7th. Goldman Sachs Group started coverage on shares of AvalonBay Communities in a research note on Friday, November 8th. They issued a “buy” rating and a $244.00 price objective for the company. Jefferies Financial Group raised shares of AvalonBay Communities from a “hold” rating to a “buy” rating and increased their price objective for the stock from $234.00 to $248.00 in a report on Thursday. JPMorgan Chase & Co. raised shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and set a $230.00 price objective on the stock in a report on Wednesday, December 18th. Finally, Deutsche Bank increased their price objective on shares of AvalonBay Communities from $218.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. AvalonBay Communities presently has a consensus rating of “Buy” and an average target price of $226.69.
Shares of AVB stock traded up $1.56 during mid-day trading on Friday, reaching $216.45. The company’s stock had a trading volume of 301,057 shares, compared to its average volume of 697,413. AvalonBay Communities has a 1-year low of $181.94 and a 1-year high of $222.87. The company has a market cap of $29.26 billion, a P/E ratio of 24.05, a PEG ratio of 3.45 and a beta of 0.45. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50-day moving average is $210.33 and its two-hundred day moving average is $211.30.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.52 dividend. This represents a $6.08 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Monday, December 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 67.56%.
In other AvalonBay Communities news, CEO Timothy J. Naughton sold 26,634 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $213.60, for a total transaction of $5,689,022.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Sean J. Breslin sold 777 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $213.51, for a total transaction of $165,897.27. The disclosure for this sale can be found here. 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 the company. Nuveen Asset Management LLC grew its stake in shares of AvalonBay Communities by 157.1% in the second quarter. Nuveen Asset Management LLC now owns 2,135,697 shares of the real estate investment trust’s stock valued at $433,931,000 after buying an additional 1,305,014 shares in the last quarter. State Street Corp grew its stake in shares of AvalonBay Communities by 2.5% in the third quarter. State Street Corp now owns 10,133,144 shares of the real estate investment trust’s stock valued at $2,197,253,000 after buying an additional 243,424 shares in the last quarter. California Public Employees Retirement System grew its stake in shares of AvalonBay Communities by 25.6% in the second quarter. California Public Employees Retirement System now owns 1,071,065 shares of the real estate investment trust’s stock valued at $217,619,000 after buying an additional 218,169 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AvalonBay Communities by 8.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,511,273 shares of the real estate investment trust’s stock valued at $510,240,000 after buying an additional 187,752 shares in the last quarter. Finally, PGGM Investments boosted its position in AvalonBay Communities by 8.8% during the fourth quarter. PGGM Investments now owns 2,084,685 shares of the real estate investment trust’s stock worth $437,158,000 after purchasing an additional 168,685 shares during the period. Institutional investors own 92.38% 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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