Ontario Teachers Pension Plan Board purchased a new stake in shares of AvalonBay Communities Inc (NYSE:AVB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,641 shares of the real estate investment trust’s stock, valued at approximately $2,537,000.
A number of other hedge funds have also recently bought and sold shares of AVB. Xact Kapitalforvaltning AB grew its position in AvalonBay Communities by 23.2% in the first quarter. Xact Kapitalforvaltning AB now owns 28,344 shares of the real estate investment trust’s stock valued at $5,689,000 after purchasing an additional 5,339 shares in the last quarter. AJO LP bought a new position in AvalonBay Communities in the 1st quarter valued at about $7,422,000. HGI Capital Management LLC increased its holdings in AvalonBay Communities by 2.6% in the 1st quarter. HGI Capital Management LLC now owns 48,083 shares of the real estate investment trust’s stock valued at $9,652,000 after buying an additional 1,240 shares during the period. Swiss National Bank increased its holdings in AvalonBay Communities by 2.8% in the 1st quarter. Swiss National Bank now owns 868,780 shares of the real estate investment trust’s stock valued at $174,390,000 after buying an additional 23,400 shares during the period. Finally, Norinchukin Bank The increased its holdings in AvalonBay Communities by 4.1% in the 1st quarter. Norinchukin Bank The now owns 27,441 shares of the real estate investment trust’s stock valued at $5,508,000 after buying an additional 1,075 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on AVB. Robert W. Baird raised shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and raised their target price for the company from $198.00 to $215.00 in a report on Thursday, May 16th. Barclays raised their target price on shares of AvalonBay Communities from $203.00 to $211.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Morgan Stanley lifted their price target on shares of AvalonBay Communities from $194.00 to $217.00 and gave the company an “equal weight” rating in a report on Thursday. Argus reaffirmed a “buy” rating and set a $215.00 price target on shares of AvalonBay Communities in a report on Tuesday, April 30th. Finally, KeyCorp lifted their price target on shares of AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $204.20.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.28 by $0.02. The firm had revenue of $459.80 million for the quarter, compared to the consensus estimate of $575.92 million. AvalonBay Communities had a net margin of 45.94% and a return on equity of 9.52%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.18 EPS. On average, equities research analysts expect that AvalonBay Communities Inc will post 9.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $1.52 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $6.08 dividend on an annualized basis and a yield of 2.99%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 67.56%.
In other news, insider Leo S. Horey III sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $210.00, for a total value of $420,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward M. Schulman sold 1,500 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $206.93, for a total transaction of $310,395.00. The disclosure for this sale can be found here. Insiders have sold a total of 9,881 shares of company stock valued at $2,042,649 in the last 90 days. 0.42% of the stock is currently owned by company insiders.
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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