Comerica Bank raised its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.6% during the fourth quarter, Holdings Channel reports. The fund owned 77,161 shares of the real estate investment trust’s stock after buying an additional 4,100 shares during the period. Comerica Bank owned approximately 0.06% of AvalonBay Communities worth $13,600,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of AVB. First Citizens Bank & Trust Co. raised its stake in shares of AvalonBay Communities by 16.5% in the second quarter. First Citizens Bank & Trust Co. now owns 1,358 shares of the real estate investment trust’s stock valued at $245,000 after buying an additional 192 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its stake in shares of AvalonBay Communities by 267.6% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 112,121 shares of the real estate investment trust’s stock valued at $20,124,000 after buying an additional 81,621 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of AvalonBay Communities by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 2,793,532 shares of the real estate investment trust’s stock valued at $503,924,000 after buying an additional 237,586 shares during the last quarter. Ngam Advisors L.P. raised its stake in shares of AvalonBay Communities by 8.4% in the second quarter. Ngam Advisors L.P. now owns 79,273 shares of the real estate investment trust’s stock valued at $14,300,000 after buying an additional 6,122 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of AvalonBay Communities by 3.5% in the second quarter. California State Teachers Retirement System now owns 298,788 shares of the real estate investment trust’s stock valued at $53,898,000 after buying an additional 10,009 shares during the last quarter. 97.81% of the stock is currently owned by institutional investors.
Shares of AvalonBay Communities, Inc. (NYSE:AVB) traded up 0.91% during mid-day trading on Friday, hitting $179.87. The stock had a trading volume of 592,163 shares. The company has a market cap of $24.70 billion, a PE ratio of 23.92 and a beta of 0.33. The stock has a 50 day moving average price of $175.79 and a 200-day moving average price of $173.50. AvalonBay Communities, Inc. has a 52-week low of $158.32 and a 52-week high of $192.29.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, February 1st. The real estate investment trust reported $2.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.94. The firm earned $518.24 million during the quarter, compared to the consensus estimate of $517.45 million. AvalonBay Communities had a return on equity of 10.36% and a net margin of 50.56%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.99 EPS. On average, equities analysts expect that AvalonBay Communities, Inc. will post $4.69 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 31st will be paid a dividend of $1.42 per share. The ex-dividend date of this dividend is Wednesday, March 29th. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.35. This represents a $5.68 annualized dividend and a yield of 3.16%. AvalonBay Communities’s dividend payout ratio is currently 71.81%.
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Several analysts have commented on AVB shares. Zacks Investment Research lowered AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Tuesday, October 25th. Cantor Fitzgerald set a $188.00 price objective on AvalonBay Communities and gave the company a “hold” rating in a report on Monday, October 24th. Bank of America Corporation lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $179.00 price objective on the stock. in a report on Wednesday, November 23rd. Evercore ISI raised AvalonBay Communities from a “hold” rating to a “buy” rating and set a $179.00 price objective on the stock in a report on Monday, November 28th. Finally, Mizuho raised AvalonBay Communities from a “neutral” rating to a “buy” rating and raised their price objective for the company from $180.00 to $190.00 in a report on Friday, December 16th. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $189.77.
AvalonBay Communities Company Profile
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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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