Cohen & Steers Inc. Grows Position in AvalonBay Communities Inc (AVB)

Cohen & Steers Inc. increased its position in AvalonBay Communities Inc (NYSE:AVB) by 20.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,752 shares of the real estate investment trust’s stock after acquiring an additional 1,143 shares during the period. Cohen & Steers Inc.’s holdings in AvalonBay Communities were worth $1,175,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Financial Advisors Inc. grew its holdings 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 acquiring an additional 61 shares during the period. CNB Bank acquired a new stake in AvalonBay Communities during the 4th quarter valued at $41,000. Lindbrook Capital LLC acquired a new stake in AvalonBay Communities during the 4th quarter valued at $53,000. Rehmann Capital Advisory Group grew its holdings in AvalonBay Communities by 24.4% during the 4th quarter. Rehmann Capital Advisory Group now owns 306 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 60 shares during the last quarter. Finally, Sandy Spring Bank acquired a new stake in AvalonBay Communities during the 4th quarter valued at $55,000. Institutional investors and hedge funds own 92.37% of the company’s stock.

In other AvalonBay Communities news, CEO Timothy J. Naughton sold 67,789 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $196.41, for a total transaction of $13,314,437.49. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Leo S. Horey III sold 5,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $196.10, for a total value of $980,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,837 shares of company stock worth $18,248,863. Corporate insiders own 0.43% of the company’s stock.

A number of brokerages have commented on AVB. Citigroup cut AvalonBay Communities from a “buy” rating to a “neutral” rating and increased their target price for the company from $190.00 to $205.00 in a report on Thursday, February 21st. They noted that the move was a valuation call. SunTrust Banks increased their target price on AvalonBay Communities to $208.00 and gave the company an “average” rating in a report on Thursday, February 14th. ValuEngine upgraded AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Thursday, January 24th. Zacks Investment Research cut AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. Finally, Morgan Stanley increased their target price on AvalonBay Communities from $168.00 to $194.00 and gave the company an “equal weight” rating in a report on Monday, December 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $197.33.

Shares of AvalonBay Communities stock opened at $198.97 on Friday. AvalonBay Communities Inc has a fifty-two week low of $156.40 and a fifty-two week high of $200.40. The firm has a market cap of $27.56 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 3.80 and a beta of 0.60. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.63 and a current ratio of 0.63.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). AvalonBay Communities had a return on equity of 9.33% and a net margin of 42.66%. The business had revenue of $578.52 million for the quarter, compared to analysts’ expectations of $576.56 million. During the same period in the prior year, the company earned $1.72 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. Analysts expect that AvalonBay Communities Inc will post 9.32 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, March 28th. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.47. AvalonBay Communities’s dividend payout ratio is currently 65.33%.

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AvalonBay Communities Company Profile

As of December 31, 2018, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,158 apartment homes in 12 states and the District of Columbia, of which 21 communities were under development and nine 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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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