Metropolitan Life Insurance Co. NY cut its position in AvalonBay Communities Inc (NYSE:AVB) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,071 shares of the real estate investment trust’s stock after selling 1,095 shares during the period. Metropolitan Life Insurance Co. NY owned 0.05% of AvalonBay Communities worth $13,783,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. BlackRock Inc. raised its stake in shares of AvalonBay Communities by 2,676.8% in the first quarter. BlackRock Inc. now owns 14,398,025 shares of the real estate investment trust’s stock valued at $2,643,476,000 after buying an additional 13,879,505 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of AvalonBay Communities by 236.1% in the first quarter. Daiwa Securities Group Inc. now owns 2,585,626 shares of the real estate investment trust’s stock valued at $474,721,000 after buying an additional 1,816,302 shares during the last quarter. Norges Bank purchased a new stake in shares of AvalonBay Communities during the fourth quarter valued at approximately $198,304,000. FMR LLC raised its stake in shares of AvalonBay Communities by 21.5% in the first quarter. FMR LLC now owns 4,372,295 shares of the real estate investment trust’s stock valued at $802,753,000 after buying an additional 773,410 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of AvalonBay Communities by 1.9% in the first quarter. Vanguard Group Inc. now owns 21,857,497 shares of the real estate investment trust’s stock valued at $4,013,036,000 after buying an additional 406,218 shares during the last quarter. 99.86% of the stock is owned by institutional investors and hedge funds.
AvalonBay Communities Inc (AVB) traded down 0.66% during trading on Tuesday, reaching $195.39. The company had a trading volume of 829,901 shares. AvalonBay Communities Inc has a 52 week low of $158.32 and a 52 week high of $199.52. The firm has a market capitalization of $26.85 billion, a P/E ratio of 26.03 and a beta of 0.34. The stock has a 50 day moving average price of $192.86 and a 200 day moving average price of $182.75.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $2.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.11 by $0.02. AvalonBay Communities had a return on equity of 9.23% and a net margin of 45.14%. The firm had revenue of $522.33 million during the quarter, compared to analyst estimates of $520.56 million. During the same quarter in the previous year, the firm posted $1.97 earnings per share. AvalonBay Communities’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts predict that AvalonBay Communities Inc will post $5.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Wednesday, June 28th. AvalonBay Communities’s payout ratio is 75.63%.
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Several analysts recently commented on the company. BMO Capital Markets reaffirmed a “hold” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a report on Thursday, May 25th. Deutsche Bank AG lowered AvalonBay Communities from a “buy” rating to a “hold” rating and set a $193.00 price objective for the company. in a report on Wednesday, May 17th. Barclays PLC lifted their price objective on AvalonBay Communities from $174.00 to $188.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. JMP Securities lowered AvalonBay Communities from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 19th. They noted that the move was a valuation call. Finally, Evercore ISI cut their price objective on AvalonBay Communities from $188.00 to $186.00 and set an “in-line” rating for the company in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $192.73.
In other news, CEO Timothy J. Naughton sold 17,210 shares of the business’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $192.05, for a total value of $3,305,180.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Keri A. Shea sold 1,000 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $192.36, for a total transaction of $192,360.00. The disclosure for this sale can be found here. Insiders sold 42,336 shares of company stock valued at $8,123,261 over the last 90 days. 0.53% of the stock is owned by corporate insiders.
AvalonBay Communities Company Profile
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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