First Midwest Bank Trust Division lowered its stake in shares of AvalonBay Communities Inc. (NYSE:AVB) by 2.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,951 shares of the real estate investment trust’s stock after selling 270 shares during the period. First Midwest Bank Trust Division’s holdings in AvalonBay Communities were worth $1,795,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Fund Advisors boosted its stake in shares of AvalonBay Communities by 6.7% in the first quarter. BlackRock Fund Advisors now owns 5,015,597 shares of the real estate investment trust’s stock valued at $953,967,000 after buying an additional 316,843 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of AvalonBay Communities by 5,841.0% in the first quarter. Canada Pension Plan Investment Board now owns 277,267 shares of the real estate investment trust’s stock worth $52,736,000 after buying an additional 272,600 shares during the last quarter. Renaissance Technologies LLC boosted 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 worth $256,925,000 after buying an additional 212,300 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of AvalonBay Communities during the second quarter worth $30,168,000. Finally, Credit Agricole S A boosted its stake in shares of AvalonBay Communities by 193.7% in the first quarter. Credit Agricole S A now owns 233,406 shares of the real estate investment trust’s stock worth $44,393,000 after buying an additional 153,947 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.
Shares of AvalonBay Communities Inc. (NYSE:AVB) traded up 0.65% during midday trading on Wednesday, hitting $181.59. The stock had a trading volume of 519,314 shares. The stock has a market cap of $24.93 billion, a PE ratio of 31.15 and a beta of 0.72. The stock has a 50-day moving average of $177.10 and a 200 day moving average of $180.67. AvalonBay Communities Inc. has a 52 week low of $160.66 and a 52 week high of $192.29.
AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $1.99 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by $0.10. The business had revenue of $502.30 million for the quarter, compared to the consensus estimate of $500.25 million. AvalonBay Communities had a return on equity of 8.10% and a net margin of 43.34%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.87 EPS. Analysts anticipate 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. Shareholders of record on Friday, September 30th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.02%. The ex-dividend date of this dividend is Wednesday, September 28th. AvalonBay Communities’s dividend payout ratio is 92.62%.
A number of analysts have recently weighed in on AVB shares. Jefferies Group reiterated a “neutral” rating on shares of AvalonBay Communities in a research report on Monday, August 29th. BTIG Research started coverage on AvalonBay Communities in a research report on Thursday, August 25th. They set a “buy” rating and a $208.00 price target on the stock. Zacks Investment Research upgraded AvalonBay Communities from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research report on Monday, July 18th. Cantor Fitzgerald reiterated a “hold” rating and set a $188.00 price target on shares of AvalonBay Communities in a research report on Monday, July 18th. Finally, Sandler O’Neill upgraded AvalonBay Communities from a “hold” rating to a “buy” rating in a research report on Tuesday, September 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $195.47.
In other AvalonBay Communities news, COO Sean J. Breslin sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $185.71, for a total transaction of $185,710.00. The sale 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 firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $185.00, for a total transaction of $1,292,040.00. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.
AvalonBay Communities Company Profile
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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