Worldquant Millennium Quantitative Strategies LLC Raises Stake in AvalonBay Communities Inc (AVB)

Worldquant Millennium Quantitative Strategies LLC grew its position in AvalonBay Communities Inc (NYSE:AVB) by 84.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,315 shares of the real estate investment trust’s stock after purchasing an additional 3,807 shares during the period. Worldquant Millennium Quantitative Strategies LLC’s holdings in AvalonBay Communities were worth $1,447,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AVB. Keybank National Association OH lifted its position in AvalonBay Communities by 18.6% during the 3rd quarter. Keybank National Association OH now owns 4,239 shares of the real estate investment trust’s stock worth $768,000 after acquiring an additional 665 shares during the last quarter. Janus Henderson Group PLC lifted its position in AvalonBay Communities by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 69,825 shares of the real estate investment trust’s stock worth $12,649,000 after acquiring an additional 1,545 shares during the last quarter. CI Investments Inc. lifted its position in AvalonBay Communities by 6.8% during the 3rd quarter. CI Investments Inc. now owns 108,220 shares of the real estate investment trust’s stock worth $19,604,000 after acquiring an additional 6,920 shares during the last quarter. Martingale Asset Management L P lifted its position in AvalonBay Communities by 617.2% during the 3rd quarter. Martingale Asset Management L P now owns 132,131 shares of the real estate investment trust’s stock worth $23,936,000 after acquiring an additional 113,707 shares during the last quarter. Finally, BlackRock Inc. lifted its position in AvalonBay Communities by 1.6% during the 3rd quarter. BlackRock Inc. now owns 15,315,518 shares of the real estate investment trust’s stock worth $2,774,406,000 after acquiring an additional 242,688 shares during the last quarter. 93.07% of the stock is currently owned by institutional investors and hedge funds.

NYSE AVB traded up $0.05 on Monday, reaching $204.13. The company’s stock had a trading volume of 385,921 shares, compared to its average volume of 565,885. The stock has a market cap of $28.30 billion, a P/E ratio of 22.68, a PEG ratio of 3.87 and a beta of 0.61. AvalonBay Communities Inc has a 52 week low of $156.93 and a 52 week high of $204.53. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.66.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.32 by ($0.01). The business had revenue of $578.52 million during the quarter, compared to the consensus estimate of $576.56 million. AvalonBay Communities had a net margin of 42.66% and a return on equity of 9.33%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.72 EPS. Research analysts anticipate that AvalonBay Communities Inc will post 9.32 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be paid a $1.52 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $6.08 dividend on an annualized basis and a yield of 2.98%. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.47. AvalonBay Communities’s payout ratio is presently 67.56%.

A number of research analysts have weighed in on the stock. Barclays boosted their target price on shares of AvalonBay Communities from $203.00 to $211.00 and gave the stock an “equal weight” rating in a research report on Thursday. KeyCorp boosted their price objective on shares of AvalonBay Communities from $199.00 to $207.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. SunTrust Banks boosted their price objective on shares of AvalonBay Communities to $208.00 and gave the stock an “average” rating in a report on Thursday, February 14th. Citigroup downgraded shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $190.00 to $205.00 in a report on Thursday, February 21st. They noted that the move was a valuation call. Finally, Morgan Stanley boosted their price objective on shares of AvalonBay Communities from $168.00 to $194.00 and gave the stock an “equal weight” rating in a report on Monday, December 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. AvalonBay Communities currently has an average rating of “Hold” and an average target price of $200.75.

In other AvalonBay Communities news, EVP Edward M. Schulman sold 4,092 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $198.94, for a total transaction of $814,062.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Leo S. Horey III sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $196.10, for a total transaction of $980,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 92,837 shares of company stock worth $18,248,863. 0.43% of the stock is currently owned by insiders.

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AvalonBay Communities Profile

As of December 31, 2018, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,158 apartment homes in 12 states and the District of Columbia, of which 21 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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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