Horizon Investments LLC boosted its position in AvalonBay Communities Inc (NYSE:AVB) by 4.3% in the 1st quarter, HoldingsChannel reports. The firm owned 17,140 shares of the real estate investment trust’s stock after buying an additional 711 shares during the period. Horizon Investments LLC’s holdings in AvalonBay Communities were worth $3,441,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allstate Corp grew its position in shares of AvalonBay Communities by 15.2% in the first quarter. Allstate Corp now owns 5,459 shares of the real estate investment trust’s stock valued at $1,096,000 after purchasing an additional 719 shares during the period. Marshall Wace North America L.P. grew its position in shares of AvalonBay Communities by 54.0% in the first quarter. Marshall Wace North America L.P. now owns 15,373 shares of the real estate investment trust’s stock valued at $3,086,000 after purchasing an additional 5,392 shares during the period. Westpac Banking Corp grew its position in shares of AvalonBay Communities by 2.0% in the first quarter. Westpac Banking Corp now owns 295,029 shares of the real estate investment trust’s stock valued at $59,221,000 after purchasing an additional 5,715 shares during the period. Andra AP fonden purchased a new stake in shares of AvalonBay Communities in the first quarter valued at $7,026,000. Finally, Wealthfront Advisers LLC grew its position in shares of AvalonBay Communities by 26.5% in the first quarter. Wealthfront Advisers LLC now owns 5,992 shares of the real estate investment trust’s stock valued at $1,203,000 after purchasing an additional 1,257 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.
AVB has been the subject of a number of recent analyst reports. Citigroup downgraded AvalonBay Communities from a “buy” rating to a “neutral” rating and lifted 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. KeyCorp lifted 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. Barclays lifted their price objective on AvalonBay Communities from $203.00 to $211.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Argus reaffirmed a “buy” rating and issued a $215.00 price objective on shares of AvalonBay Communities in a research report on Tuesday, April 30th. Finally, Mizuho downgraded AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price objective for the company. in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $202.67.
AvalonBay Communities stock traded up $0.94 during midday trading on Monday, reaching $209.03. The stock had a trading volume of 1,973 shares, compared to its average volume of 561,647. AvalonBay Communities Inc has a twelve month low of $166.22 and a twelve month high of $210.93. The stock has a market capitalization of $29.01 billion, a P/E ratio of 23.30, a PEG ratio of 3.94 and a beta of 0.54. 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 (NYSE:AVB) last issued its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.02. AvalonBay Communities had a return on equity of 9.52% and a net margin of 45.94%. The firm had revenue of $459.80 million for the quarter, compared to analysts’ expectations of $575.92 million. During the same quarter last year, the firm earned $2.18 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that AvalonBay Communities Inc will post 9.34 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, June 27th. AvalonBay Communities’s dividend payout ratio is presently 67.56%.
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AvalonBay Communities 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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