Atlantic Trust LLC continued to hold its stake in AvalonBay Communities, Inc. (NYSE:AVB) during the first quarter, Holdings Channel reports. The fund owned 3,100 shares of the real estate investment trust’s stock at the end of the first quarter. Atlantic Trust LLC’s holdings in AvalonBay Communities were worth $569,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of AVB. Canada Pension Plan Investment Board increased its stake in shares of AvalonBay Communities by 129.0% in the first quarter. Canada Pension Plan Investment Board now owns 157,047 shares of the real estate investment trust’s stock valued at $28,834,000 after buying an additional 88,475 shares during the last quarter. Whittier Trust Co. increased its stake in shares of AvalonBay Communities by 2.8% in the first quarter. Whittier Trust Co. now owns 1,144 shares of the real estate investment trust’s stock valued at $210,000 after buying an additional 31 shares during the last quarter. Brookfield Asset Management Inc. increased its stake in shares of AvalonBay Communities by 0.4% in the fourth quarter. Brookfield Asset Management Inc. now owns 864,917 shares of the real estate investment trust’s stock valued at $153,220,000 after buying an additional 3,800 shares during the last quarter. Norges Bank bought a new stake in shares of AvalonBay Communities during the fourth quarter valued at $198,304,000. Finally, Norinchukin Bank The increased its stake in shares of AvalonBay Communities by 7.1% in the first quarter. Norinchukin Bank The now owns 8,924 shares of the real estate investment trust’s stock valued at $1,638,000 after buying an additional 593 shares during the last quarter. 99.86% of the stock is owned by hedge funds and other institutional investors.
Shares of AvalonBay Communities, Inc. (AVB) traded up 0.57% during mid-day trading on Wednesday, reaching $192.49. The company’s stock had a trading volume of 216,541 shares. AvalonBay Communities, Inc. has a 12 month low of $158.32 and a 12 month high of $199.52. The company has a 50 day moving average price of $192.98 and a 200 day moving average price of $182.97. The stock has a market capitalization of $26.45 billion, a P/E ratio of 25.65 and a beta of 0.34.
AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, April 26th. The real estate investment trust reported $2.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by $0.02. AvalonBay Communities had a net margin of 50.12% and a return on equity of 10.31%. The firm had revenue of $522.33 million during the quarter, compared to the consensus estimate of $520.56 million. During the same quarter last year, the firm posted $1.97 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts anticipate that AvalonBay Communities, Inc. will post $5.10 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Wednesday, June 28th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 75.63%.
Several brokerages have recently weighed in on AVB. Deutsche Bank AG downgraded AvalonBay Communities from a “buy” rating to a “hold” rating and set a $193.00 target price for the company. in a research report on Wednesday, May 17th. JMP Securities downgraded AvalonBay Communities from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 19th. They noted that the move was a valuation call. Evercore ISI downgraded AvalonBay Communities to a “buy” rating in a research report on Friday, March 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $196.00 target price on shares of AvalonBay Communities in a research report on Monday, April 24th. Finally, Bank of America Corporation raised AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $202.00 target price for the company in a research report on Wednesday, March 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $195.00.
In other news, CEO Timothy J. Naughton sold 10,000 shares of AvalonBay Communities stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $191.14, for a total value of $1,911,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William M. Mclaughlin sold 5,112 shares of AvalonBay Communities stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $193.88, for a total transaction of $991,114.56. The disclosure for this sale can be found here. Insiders sold 42,336 shares of company stock valued at $8,123,261 in the last quarter. 0.53% of the stock is currently owned by corporate insiders.
AvalonBay Communities Company 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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