AvalonBay Communities Inc (NYSE:AVB) – Equities research analysts at Jefferies Financial Group boosted their Q1 2020 earnings estimates for shares of AvalonBay Communities in a research note issued on Monday, April 29th, according to Zacks Investment Research. Jefferies Financial Group analyst O. Okusanya now forecasts that the real estate investment trust will post earnings per share of $2.35 for the quarter, up from their prior forecast of $2.34. Jefferies Financial Group also issued estimates for AvalonBay Communities’ FY2021 earnings at $10.18 EPS.
Several other equities research analysts have also weighed in on AVB. Zacks Investment Research lowered AvalonBay Communities from a “buy” rating to a “hold” rating in a research note on Thursday, January 17th. ValuEngine upgraded AvalonBay Communities from a “hold” rating to a “buy” rating in a research note on Thursday, January 24th. SunTrust Banks upped their price objective on AvalonBay Communities to $208.00 and gave the company an “average” rating in a research note on Thursday, February 14th. Citigroup lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and upped their price objective for the company from $190.00 to $205.00 in a research note on Thursday, February 21st. They noted that the move was a valuation call. Finally, KeyCorp upped their price objective on AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. AvalonBay Communities currently has a consensus rating of “Hold” and an average price target of $202.38.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.02. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The company had revenue of $459.80 million for the quarter, compared to analyst estimates of $575.92 million. During the same period in the prior year, the company posted $2.18 EPS. The company’s revenue was up 3.4% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.52 per share. This represents a $6.08 annualized dividend and a yield of 2.99%. The ex-dividend date is Thursday, June 27th. AvalonBay Communities’s dividend payout ratio is 67.56%.
In other AvalonBay Communities news, SVP Keri A. Shea sold 1,131 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $200.09, for a total transaction of $226,301.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Leo S. Horey III sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $196.10, for a total value of $980,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,468 shares of company stock worth $18,777,790. Company insiders own 0.42% of the company’s stock.
Several hedge funds have recently bought and sold shares of AVB. Martingale Asset Management L P lifted its stake in shares of AvalonBay Communities by 617.2% in the 3rd quarter. Martingale Asset Management L P now owns 132,131 shares of the real estate investment trust’s stock valued at $23,936,000 after purchasing an additional 113,707 shares during the period. Man Group plc lifted its stake in shares of AvalonBay Communities by 68.1% in the 3rd quarter. Man Group plc now owns 13,557 shares of the real estate investment trust’s stock valued at $2,456,000 after purchasing an additional 5,492 shares during the period. Kentucky Retirement Systems acquired a new position in shares of AvalonBay Communities in the 3rd quarter valued at $1,187,000. Teachers Advisors LLC lifted its stake in shares of AvalonBay Communities by 57.2% in the 3rd quarter. Teachers Advisors LLC now owns 953,409 shares of the real estate investment trust’s stock valued at $172,710,000 after purchasing an additional 346,861 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its stake in shares of AvalonBay Communities by 40.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 539,908 shares of the real estate investment trust’s stock valued at $97,804,000 after purchasing an additional 155,574 shares during the period. 92.13% of the stock is currently owned by institutional investors.
AvalonBay Communities Company Profile
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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