New York State Common Retirement Fund Has $64.80 Million Stake in AvalonBay Communities Inc (AVB)

New York State Common Retirement Fund reduced its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 0.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 322,800 shares of the real estate investment trust’s stock after selling 1,800 shares during the quarter. New York State Common Retirement Fund’s holdings in AvalonBay Communities were worth $64,796,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of AVB. BlackRock Inc. grew its position in shares of AvalonBay Communities by 2.5% in the 4th quarter. BlackRock Inc. now owns 15,700,948 shares of the real estate investment trust’s stock valued at $2,732,748,000 after purchasing an additional 385,430 shares during the period. FMR LLC grew its position in shares of AvalonBay Communities by 4.9% in the 4th quarter. FMR LLC now owns 3,715,588 shares of the real estate investment trust’s stock valued at $646,697,000 after purchasing an additional 172,264 shares during the period. Northern Trust Corp grew its position in shares of AvalonBay Communities by 3.2% in the 4th quarter. Northern Trust Corp now owns 2,417,118 shares of the real estate investment trust’s stock valued at $420,700,000 after purchasing an additional 74,018 shares during the period. Geode Capital Management LLC grew its position in shares of AvalonBay Communities by 9.1% in the 4th quarter. Geode Capital Management LLC now owns 2,297,292 shares of the real estate investment trust’s stock valued at $399,297,000 after purchasing an additional 191,867 shares during the period. Finally, Morgan Stanley grew its position in shares of AvalonBay Communities by 6.0% in the 3rd quarter. Morgan Stanley now owns 1,543,079 shares of the real estate investment trust’s stock valued at $279,528,000 after purchasing an additional 87,440 shares during the period. Institutional investors own 92.13% of the company’s stock.

In other news, insider Stephen W. Wilson sold 4,956 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $195.96, for a total transaction of $971,177.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Keri A. Shea sold 1,131 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $200.09, for a total value of $226,301.79. The disclosure for this sale can be found here. Insiders sold a total of 95,468 shares of company stock worth $18,777,790 in the last 90 days. Company insiders own 0.42% of the company’s stock.

AVB has been the subject of several research analyst reports. KeyCorp boosted their price objective on AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Citigroup lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $190.00 to $205.00 in a research report on Thursday, February 21st. They noted that the move was a valuation call. SunTrust Banks boosted their price objective on AvalonBay Communities to $208.00 and gave the company an “average” rating in a research report on Thursday, February 14th. Argus reiterated a “buy” rating and issued a $215.00 price objective on shares of AvalonBay Communities in a research report on Tuesday, April 30th. Finally, ValuEngine upgraded AvalonBay Communities from a “hold” rating to a “buy” rating in a research report on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $202.38.

NYSE AVB opened at $202.21 on Wednesday. The company has a market capitalization of $28.32 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 3.89 and a beta of 0.59. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. AvalonBay Communities Inc has a 52 week low of $158.06 and a 52 week high of $204.53.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.02. The firm had revenue of $459.80 million for the quarter, compared to analysts’ expectations of $575.92 million. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.18 EPS. As a group, equities analysts expect that AvalonBay Communities Inc will post 9.33 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $1.52 dividend. This represents a $6.08 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, June 27th. AvalonBay Communities’s payout ratio is 67.56%.

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AvalonBay Communities Company 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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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