CIBC Asset Management Inc Trims Holdings in AvalonBay Communities Inc (AVB)

CIBC Asset Management Inc lowered its position in AvalonBay Communities Inc (NYSE:AVB) by 5.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 15,301 shares of the real estate investment trust’s stock after selling 869 shares during the period. CIBC Asset Management Inc’s holdings in AvalonBay Communities were worth $2,730,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Candriam Luxembourg S.C.A. lifted its stake in AvalonBay Communities by 6.6% in the third quarter. Candriam Luxembourg S.C.A. now owns 11,496 shares of the real estate investment trust’s stock valued at $2,051,000 after buying an additional 716 shares during the last quarter. Magnetar Financial LLC purchased a new stake in AvalonBay Communities in the third quarter valued at approximately $772,000. Cubist Systematic Strategies LLC lifted its stake in AvalonBay Communities by 91.2% in the third quarter. Cubist Systematic Strategies LLC now owns 2,250 shares of the real estate investment trust’s stock valued at $401,000 after buying an additional 1,073 shares during the last quarter. PGGM Investments lifted its stake in AvalonBay Communities by 5.6% in the third quarter. PGGM Investments now owns 1,642,210 shares of the real estate investment trust’s stock valued at $293,003,000 after buying an additional 86,594 shares during the last quarter. Finally, Koch Industries Inc. purchased a new stake in AvalonBay Communities in the second quarter valued at approximately $365,000. Institutional investors own 95.24% of the company’s stock.

In related news, insider Leo S. Horey III sold 2,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $182.75, for a total transaction of $365,500.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy J. Naughton sold 25,160 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $183.84, for a total value of $4,625,414.40. The disclosure for this sale can be found here. Insiders have sold 30,660 shares of company stock worth $5,628,669 in the last ninety days. 0.46% of the stock is currently owned by corporate insiders.

AVB has been the subject of a number of research reports. Zacks Investment Research upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. Stifel Nicolaus cut their price target on AvalonBay Communities from $209.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Mizuho restated a “buy” rating and set a $220.00 price target on shares of AvalonBay Communities in a research note on Monday, November 6th. Royal Bank of Canada cut their price target on AvalonBay Communities from $206.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, November 6th. Finally, UBS Group upgraded AvalonBay Communities from a “neutral” rating to a “buy” rating and upped their price target for the stock from $190.00 to $206.00 in a research note on Thursday, November 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $197.41.

AvalonBay Communities Inc (NYSE AVB) opened at $154.94 on Friday. AvalonBay Communities Inc has a twelve month low of $154.82 and a twelve month high of $199.52. The firm has a market capitalization of $21,856.55, a price-to-earnings ratio of 18.36, a P/E/G ratio of 2.39 and a beta of 0.34. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.22 by $1.03. AvalonBay Communities had a return on equity of 8.57% and a net margin of 40.62%. The firm had revenue of $555.29 million for the quarter, compared to analyst estimates of $554.20 million. During the same quarter in the prior year, the company posted $2.12 earnings per share. AvalonBay Communities’s quarterly revenue was up 7.1% on a year-over-year basis. analysts expect that AvalonBay Communities Inc will post 9.02 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, March 28th. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.42. AvalonBay Communities’s dividend payout ratio is currently 89.31%.

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

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