State Treasurer State of Michigan Has $8.71 Million Stake in AvalonBay Communities, Inc. (NYSE:AVB)

State Treasurer State of Michigan increased its position in AvalonBay Communities, Inc. (NYSE:AVB) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 45,323 shares of the real estate investment trust’s stock after buying an additional 200 shares during the period. State Treasurer State of Michigan’s holdings in AvalonBay Communities were worth $8,710,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVB. Vanguard Group Inc. increased 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 worth $4,013,036,000 after buying an additional 406,218 shares in the last quarter. BlackRock Inc. increased 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 worth $2,643,476,000 after buying an additional 13,879,505 shares in the last quarter. FMR LLC increased 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 worth $802,753,000 after buying an additional 773,410 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of AvalonBay Communities by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 3,112,136 shares of the real estate investment trust’s stock worth $571,387,000 after buying an additional 65,999 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of AvalonBay Communities by 0.8% in the first quarter. Principal Financial Group Inc. now owns 2,767,935 shares of the real estate investment trust’s stock worth $507,945,000 after buying an additional 22,368 shares in the last quarter. 98.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of AvalonBay Communities, Inc. (NYSE:AVB) traded down 0.05% on Friday, hitting $190.02. The stock had a trading volume of 144,594 shares. The firm has a 50-day moving average of $192.43 and a 200 day moving average of $185.71. AvalonBay Communities, Inc. has a 1-year low of $158.32 and a 1-year high of $199.52. The company has a market capitalization of $26.11 billion, a PE ratio of 25.32 and a beta of 0.34.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 26th. The real estate investment trust reported $2.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by $0.02. AvalonBay Communities had a return on equity of 10.31% and a net margin of 50.12%. The company had revenue of $522.33 million during the quarter, compared to analysts’ expectations of $520.56 million. During the same quarter last year, the firm posted $1.97 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts anticipate that AvalonBay Communities, Inc. will post $5.11 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $1.42 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $5.68 annualized dividend and a yield of 2.99%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 75.63%.

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A number of brokerages have weighed in on AVB. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $203.00 target price on shares of AvalonBay Communities in a report on Sunday, July 16th. BTIG Research raised their target price on AvalonBay Communities from $191.00 to $200.00 and gave the company a “buy” rating in a report on Monday, April 24th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $196.00 target price on shares of AvalonBay Communities in a report on Monday, April 24th. BMO Capital Markets reaffirmed a “hold” rating and issued a $191.00 target price on shares of AvalonBay Communities in a report on Thursday, May 25th. Finally, Barclays PLC raised their target price on AvalonBay Communities from $174.00 to $188.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $193.58.

In related news, insider Leo S. Horey III sold 3,000 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $190.25, for a total value of $570,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Naughton sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $191.14, for a total transaction of $1,911,400.00. 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 quarter. 0.53% of the stock is owned by company insiders.

About AvalonBay Communities

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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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