AvalonBay Communities Inc (NYSE:AVB) – SunTrust Banks cut their FY2020 earnings per share estimates for shares of AvalonBay Communities in a research note issued to investors on Wednesday, February 13th. SunTrust Banks analyst M. Lewis now expects that the real estate investment trust will post earnings of $9.96 per share for the year, down from their previous forecast of $10.02. SunTrust Banks currently has a “Average” rating and a $208.00 price objective on the stock. SunTrust Banks also issued estimates for AvalonBay Communities’ FY2021 earnings at $10.34 EPS, FY2022 earnings at $10.59 EPS and FY2023 earnings at $10.83 EPS.
AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). AvalonBay Communities had a net margin of 42.66% and a return on equity of 9.33%. The business had revenue of $578.52 million for the quarter, compared to analysts’ expectations of $576.56 million. During the same quarter in the prior year, the firm earned $1.72 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis.
Shares of NYSE:AVB opened at $195.72 on Thursday. AvalonBay Communities has a 1 year low of $152.65 and a 1 year high of $196.95. The stock has a market cap of $27.10 billion, a P/E ratio of 21.75, a price-to-earnings-growth ratio of 3.24 and a beta of 0.62. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66.
Several hedge funds have recently bought and sold shares of AVB. Legacy Financial Advisors Inc. boosted its position in shares of AvalonBay Communities by 54.0% in the 4th quarter. Legacy Financial Advisors Inc. now owns 174 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 61 shares in the last quarter. CNB Bank bought a new stake in shares of AvalonBay Communities in the 4th quarter worth approximately $41,000. Lindbrook Capital LLC bought a new stake in shares of AvalonBay Communities in the 4th quarter worth approximately $53,000. Rehmann Capital Advisory Group boosted its position in shares of AvalonBay Communities by 24.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 306 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 60 shares in the last quarter. Finally, Sandy Spring Bank bought a new stake in shares of AvalonBay Communities in the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.
In other AvalonBay Communities news, COO Sean J. Breslin sold 3,100 shares of the company’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $189.13, for a total transaction of $586,303.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William M. Mclaughlin sold 23,302 shares of the company’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $186.87, for a total value of $4,354,444.74. The disclosure for this sale can be found here. Insiders have sold a total of 36,553 shares of company stock worth $6,838,949 in the last quarter. Company insiders own 0.43% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be issued a dividend of $1.52 per share. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.47. The ex-dividend date is Thursday, March 28th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 3.11%. AvalonBay Communities’s dividend payout ratio is 65.33%.
AvalonBay Communities Company Profile
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 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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