Millennium Management LLC lessened its holdings in AvalonBay Communities Inc (NYSE:AVB) by 99.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 84,630 shares of the real estate investment trust’s stock after selling 14,124,522 shares during the quarter. Millennium Management LLC owned 0.06% of AvalonBay Communities worth $18,223,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. CX Institutional boosted its stake in AvalonBay Communities by 85.5% in the third quarter. CX Institutional now owns 115 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 53 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of AvalonBay Communities by 900.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 250 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 225 shares in the last quarter. CSat Investment Advisory L.P. boosted its stake in shares of AvalonBay Communities by 370.4% in the 2nd quarter. CSat Investment Advisory L.P. now owns 254 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 200 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of AvalonBay Communities in the 2nd quarter valued at approximately $60,000. Finally, KCS Wealth Advisory bought a new stake in shares of AvalonBay Communities during the 3rd quarter valued at approximately $67,000. 93.12% of the stock is currently owned by hedge funds and other institutional investors.
AVB has been the subject of a number of research analyst reports. Evercore ISI upgraded shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $225.00 price objective for the company in a research report on Tuesday, November 19th. Morgan Stanley raised their target price on shares of AvalonBay Communities from $217.00 to $229.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. BTIG Research boosted their target price on shares of AvalonBay Communities to $235.00 and gave the stock a “positive” rating in a research note on Thursday, August 15th. Barclays reiterated a “hold” rating and set a $240.00 price target on shares of AvalonBay Communities in a report on Sunday, October 13th. Finally, Wells Fargo & Co increased their price target on AvalonBay Communities from $218.00 to $224.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $222.29.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.80. The company had revenue of $587.61 million for the quarter, compared to analysts’ expectations of $585.86 million. AvalonBay Communities had a net margin of 45.56% and a return on equity of 9.35%. During the same quarter in the previous year, the firm posted $1.39 earnings per share. As a group, equities research analysts predict that AvalonBay Communities Inc will post 9.3 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.52 per share. The ex-dividend date is Monday, December 30th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.85%. AvalonBay Communities’s dividend payout ratio (DPR) is 67.56%.
In other news, EVP William M. Mclaughlin sold 2,500 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $215.11, for a total transaction of $537,775.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Naughton sold 26,634 shares of AvalonBay Communities stock in a transaction on Friday, November 15th. The stock was sold at an average price of $213.60, for a total transaction of $5,689,022.40. The disclosure for this sale can be found here. Insiders have sold 29,911 shares of company stock valued at $6,392,695 over the last 90 days. 0.42% of the stock is owned by corporate insiders.
About AvalonBay Communities
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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