Clearbridge Investments LLC decreased its position in AvalonBay Communities Inc (NYSE:AVB) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,041 shares of the real estate investment trust’s stock after selling 2,352 shares during the period. Clearbridge Investments LLC owned approximately 0.08% of AvalonBay Communities worth $21,888,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in AVB. Cornerstone Advisors Inc. lifted its holdings in AvalonBay Communities by 85.5% in the first quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 59 shares during the period. Flagship Harbor Advisors LLC bought a new stake in AvalonBay Communities in the first quarter valued at $27,000. WP Advisors LLC bought a new stake in AvalonBay Communities in the first quarter valued at $31,000. Nalls Sherbakoff Group LLC bought a new stake in AvalonBay Communities in the fourth quarter valued at $35,000. Finally, Lindbrook Capital LLC bought a new stake in AvalonBay Communities in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 91.82% of the company’s stock.
Shares of NYSE:AVB traded down $0.92 during midday trading on Friday, hitting $210.48. 410,869 shares of the company’s stock were exchanged, compared to its average volume of 596,562. AvalonBay Communities Inc has a 12 month low of $167.01 and a 12 month high of $214.10. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average price is $206.53. The stock has a market cap of $29.34 billion, a P/E ratio of 23.39, a PEG ratio of 3.99 and a beta of 0.51.
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 given a $1.52 dividend. This represents a $6.08 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Thursday, June 27th. AvalonBay Communities’s payout ratio is 67.56%.
Several research firms have weighed in on AVB. Morgan Stanley lifted their price target on shares of General Mills from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, June 27th. Mizuho set a $27.00 price target on shares of Horizon Therapeutics and gave the company a “hold” rating in a research note on Wednesday, May 8th. Barclays set a $325.00 target price on shares of Align Technology and gave the stock a “buy” rating in a research report on Thursday, April 11th. Argus reissued a “buy” rating and set a $215.00 target price on shares of AvalonBay Communities in a research report on Tuesday, April 30th. Finally, Robert W. Baird boosted their target price on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $204.73.
In other AvalonBay Communities news, CFO Kevin P. O’shea sold 250 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $205.49, for a total value of $51,372.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Leo S. Horey III sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $210.00, for a total transaction of $420,000.00. The disclosure for this sale can be found here. Insiders sold a total of 9,881 shares of company stock valued at $2,042,649 over the last ninety days. 0.42% of the stock is currently owned by insiders.
AvalonBay Communities 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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