Marshall Wace North America L.P. lifted its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 54.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,373 shares of the real estate investment trust’s stock after buying an additional 5,392 shares during the quarter. Marshall Wace North America L.P.’s holdings in AvalonBay Communities were worth $3,086,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Cornerstone Advisors Inc. boosted its position in shares of AvalonBay Communities by 85.5% during the 1st quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 59 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of AvalonBay Communities in the 1st quarter worth about $27,000. WP Advisors LLC purchased a new stake in shares of AvalonBay Communities in the 1st quarter worth about $31,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of AvalonBay Communities in the 4th quarter worth about $35,000. Finally, Lindbrook Capital LLC purchased a new stake in shares of AvalonBay Communities in the 4th quarter worth about $53,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO Sean J. Breslin sold 1,500 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $201.75, for a total transaction of $302,625.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Keri A. Shea sold 1,131 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $200.09, for a total value of $226,301.79. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,881 shares of company stock worth $2,042,649. Company insiders own 0.42% of the company’s stock.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.02. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The firm had revenue of $459.80 million for the quarter, compared to analyst estimates of $575.92 million. During the same period in the previous year, the company earned $2.18 earnings per share. AvalonBay Communities’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts expect that AvalonBay Communities Inc will post 9.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $1.52 dividend. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Thursday, June 27th. AvalonBay Communities’s payout ratio is 67.56%.
A number of research analysts have recently commented on the stock. Argus reaffirmed a “buy” rating and set a $215.00 price objective on shares of AvalonBay Communities in a research note on Tuesday, April 30th. KeyCorp increased their target price on Terreno Realty from $49.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho set a $27.00 target price on Horizon Therapeutics and gave the company a “hold” rating in a research note on Wednesday, May 8th. Morgan Stanley increased their target price on General Mills from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, June 27th. Finally, Barclays set a $325.00 target price on Align Technology and gave the company a “buy” rating in a research note on Thursday, April 11th. One research 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 currently has an average rating of “Hold” and a consensus target price of $204.73.
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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