Sumitomo Mitsui Trust Holdings Inc. lowered its position in AvalonBay Communities Inc (NYSE:AVB) by 7.9% in the 1st quarter, HoldingsChannel reports. The fund owned 669,627 shares of the real estate investment trust’s stock after selling 57,401 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in AvalonBay Communities were worth $134,414,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. TIAA CREF Investment Management LLC boosted its holdings in shares of AvalonBay Communities by 40.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 539,908 shares of the real estate investment trust’s stock worth $97,804,000 after purchasing an additional 155,574 shares in the last quarter. Morgan Stanley raised its position in AvalonBay Communities by 6.0% during 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 last quarter. FNY Investment Advisers LLC bought a new position in AvalonBay Communities during the 4th quarter valued at approximately $81,000. NuWave Investment Management LLC raised its position in AvalonBay Communities by 30,650.0% during the 4th quarter. NuWave Investment Management LLC now owns 1,230 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Strs Ohio raised its position in AvalonBay Communities by 4.0% during the 4th quarter. Strs Ohio now owns 353,464 shares of the real estate investment trust’s stock valued at $61,520,000 after purchasing an additional 13,602 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Edward M. Schulman sold 4,092 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $198.94, for a total value of $814,062.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen W. Wilson sold 4,956 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $195.96, for a total value of $971,177.76. The disclosure for this sale can be found here. Insiders sold a total of 95,468 shares of company stock valued at $18,777,790 in the last three months. Corporate insiders own 0.42% of the company’s stock.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.30 earnings per share (EPS) for the quarter, topping the 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 during the quarter, compared to analyst estimates of $575.92 million. During the same quarter in the prior year, the company earned $2.18 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. On average, equities analysts forecast that AvalonBay Communities Inc will post 9.33 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $1.52 dividend. This represents a $6.08 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, June 27th. AvalonBay Communities’s dividend payout ratio is currently 67.56%.
A number of research firms have commented on AVB. Mizuho lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price target for the company. in a research report on Wednesday, May 8th. Robert W. Baird raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and upped their price target for the company from $198.00 to $215.00 in a research report on Thursday, May 16th. Barclays upped their price target 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. ValuEngine raised AvalonBay Communities from a “hold” rating to a “buy” rating in a research report on Thursday, January 24th. Finally, Argus reaffirmed a “buy” rating and set a $215.00 price target on shares of AvalonBay Communities in a research report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $202.38.
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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