Candriam Luxembourg S.C.A. increased its stake in AvalonBay Communities Inc. (NYSE:AVB) by 15.6% during the second quarter, Holdings Channel reports. The firm owned 4,522 shares of the real estate investment trust’s stock after buying an additional 609 shares during the period. Candriam Luxembourg S.C.A.’s holdings in AvalonBay Communities were worth $816,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in AVB. State Street Corp increased its stake in shares of AvalonBay Communities by 1.3% in the first quarter. State Street Corp now owns 7,912,560 shares of the real estate investment trust’s stock valued at $1,504,961,000 after buying an additional 97,887 shares during the period. Geode Capital Management LLC increased its stake in shares of AvalonBay Communities by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,398,327 shares of the real estate investment trust’s stock valued at $265,533,000 after buying an additional 40,252 shares during the period. Renaissance Technologies LLC increased its stake in shares of AvalonBay Communities by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,350,814 shares of the real estate investment trust’s stock valued at $256,925,000 after buying an additional 212,300 shares during the period. Legal & General Group Plc increased its stake in shares of AvalonBay Communities by 3.5% in the first quarter. Legal & General Group Plc now owns 903,655 shares of the real estate investment trust’s stock valued at $171,861,000 after buying an additional 30,973 shares during the period. Finally, AMP Capital Investors Ltd increased its stake in shares of AvalonBay Communities by 1.0% in the first quarter. AMP Capital Investors Ltd now owns 778,656 shares of the real estate investment trust’s stock valued at $147,035,000 after buying an additional 8,000 shares during the period. Institutional investors and hedge funds own 96.58% of the company’s stock.
AvalonBay Communities Inc. (NYSE:AVB) traded down 0.79% during mid-day trading on Friday, hitting $165.63. The company’s stock had a trading volume of 873,610 shares. The stock has a market cap of $22.74 billion, a P/E ratio of 28.41 and a beta of 0.57. The company’s 50 day moving average is $175.30 and its 200-day moving average is $180.02. AvalonBay Communities Inc. has a 52-week low of $160.66 and a 52-week high of $192.29.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $1.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by $0.10. AvalonBay Communities had a return on equity of 8.10% and a net margin of 43.34%. The business earned $502.30 million during the quarter, compared to analysts’ expectations of $500.25 million. During the same quarter in the prior year, the firm earned $1.87 EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities analysts predict that AvalonBay Communities Inc. will post $8.34 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date is Wednesday, September 28th. AvalonBay Communities’s dividend payout ratio is currently 92.62%.
AVB has been the subject of several recent research reports. Cantor Fitzgerald reiterated a “hold” rating and set a $188.00 price target on shares of AvalonBay Communities in a report on Monday, July 18th. BTIG Research initiated coverage on AvalonBay Communities in a report on Thursday, August 25th. They set a “buy” rating and a $208.00 price target for the company. Jefferies Group reiterated a “hold” rating on shares of AvalonBay Communities in a report on Monday, August 1st. Sandler O’Neill upgraded AvalonBay Communities from a “hold” rating to a “buy” rating in a research note on Tuesday, September 6th. Finally, Deutsche Bank AG reduced their price objective on AvalonBay Communities from $194.00 to $193.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $195.47.
In other news, COO Sean J. Breslin sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $185.71, for a total value of $185,710.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew H. Birenbaum sold 6,984 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $185.00, for a total value of $1,292,040.00. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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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