Pictet Asset Management Holding SA Lowers Stake in AvalonBay Communities, Inc. $AVB

Pictet Asset Management Holding SA cut its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 11.1% during the first quarter, HoldingsChannel reports. The firm owned 64,183 shares of the real estate investment trust’s stock after selling 7,986 shares during the period. Pictet Asset Management Holding SA’s holdings in AvalonBay Communities were worth $10,484,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Auto Owners Insurance Co boosted its stake in shares of AvalonBay Communities by 18,031.0% during the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust’s stock worth $213,677,000 after buying an additional 11,720,150 shares during the period. Norges Bank acquired a new position in AvalonBay Communities in the 4th quarter valued at about $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in AvalonBay Communities by 15,065.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust’s stock valued at $326,552,000 after acquiring an additional 1,789,195 shares during the period. Bank of America Corp DE raised its stake in AvalonBay Communities by 76.0% during the 3rd quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust’s stock valued at $455,077,000 after acquiring an additional 1,017,286 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in AvalonBay Communities by 22.4% during the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust’s stock valued at $935,551,000 after acquiring an additional 944,129 shares during the last quarter. 92.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVB. Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Friday, June 26th. Morgan Stanley restated an “equal weight” rating and set a $203.00 price target (down from $208.00) on shares of AvalonBay Communities in a research note on Thursday, March 26th. Cantor Fitzgerald increased their price target on AvalonBay Communities from $186.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Wolfe Research upgraded shares of AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 price objective on the stock in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AvalonBay Communities in a research note on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $195.13.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $193.62 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.80. The company has a market cap of $26.93 billion, a P/E ratio of 28.06, a PEG ratio of 3.38 and a beta of 0.77. AvalonBay Communities, Inc. has a 52 week low of $160.10 and a 52 week high of $205.00. The company has a 50-day moving average price of $184.68 and a 200 day moving average price of $178.34.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The business had revenue of $770.28 million for the quarter, compared to analyst estimates of $768.80 million. During the same quarter in the previous year, the firm posted $2.83 EPS. Research analysts predict that AvalonBay Communities, Inc. will post 11.28 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. AvalonBay Communities’s payout ratio is 103.19%.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.