Brown Advisory Inc. decreased its position in AvalonBay Communities Inc. (NYSE:AVB) by 0.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,668 shares of the real estate investment trust’s stock after selling 5 shares during the period. Brown Advisory Inc.’s holdings in AvalonBay Communities were worth $3,007,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. purchased a new stake in AvalonBay Communities during the second quarter worth $129,792,000. Norges Bank purchased a new stake in AvalonBay Communities during the fourth quarter worth $96,509,000. BlackRock Fund Advisors raised its stake in 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 worth $953,967,000 after buying an additional 316,843 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in 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. Finally, Bank of New York Mellon Corp raised its stake in AvalonBay Communities by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 2,793,532 shares of the real estate investment trust’s stock worth $503,924,000 after buying an additional 237,586 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.
AvalonBay Communities Inc. (NYSE:AVB) traded up 1.53% during midday trading on Thursday, reaching $181.54. The company’s stock had a trading volume of 127,580 shares. The company has a market capitalization of $24.93 billion, a price-to-earnings ratio of 31.14 and a beta of 0.72. The company’s 50-day moving average price is $177.18 and its 200-day moving average price is $180.61. AvalonBay Communities Inc. has a 1-year low of $160.66 and a 1-year high of $192.29.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, July 25th. The real estate investment trust reported $1.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.09 by $0.10. AvalonBay Communities had a net margin of 43.34% and a return on equity of 8.10%. The business earned $502.30 million during the quarter, compared to analyst estimates of $500.25 million. During the same period in the previous year, the company earned $1.87 earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts predict that AvalonBay Communities Inc. will post $8.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a $0.01 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. AvalonBay Communities’s dividend payout ratio (DPR) is 92.62%.
AVB has been the topic of a number of recent research reports. Sandler O’Neill upgraded shares of AvalonBay Communities from a “hold” rating to a “buy” rating in a research note on Tuesday, September 6th. Deutsche Bank AG cut their target price on shares of AvalonBay Communities from $194.00 to $193.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. KeyCorp lowered shares of AvalonBay Communities to an “overweight” rating in a research note on Friday, July 15th. Evercore ISI lowered shares of AvalonBay Communities from a “buy” rating to a “hold” rating and dropped their price target for the company from $189.00 to $187.00 in a research note on Friday, July 15th. Finally, Jefferies Group reiterated a “hold” rating on shares of AvalonBay Communities in a research note on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $195.47.
In other news, insider Matthew H. Birenbaum sold 6,984 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Sean J. Breslin sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $185.71, for a total value of $185,710.00. 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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