Investors Sell AvalonBay Communities Inc. (AVB) on Strength (AVB)
Traders sold shares of AvalonBay Communities Inc. (NYSE:AVB) on strength during trading on Friday. $36.09 million flowed into the stock on the tick-up and $51.12 million flowed out of the stock on the tick-down, for a money net flow of $15.03 million out of the stock. Of all equities tracked, AvalonBay Communities had the 27th highest net out-flow for the day. AvalonBay Communities traded up $1.32 for the day and closed at $185.32
A number of research analysts recently weighed in on AVB shares. Zacks Investment Research raised AvalonBay Communities from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research note on Monday. Cantor Fitzgerald reaffirmed a “hold” rating and set a $188.00 price target on shares of AvalonBay Communities in a research note on Monday. BMO Capital Markets reaffirmed a “hold” rating on shares of AvalonBay Communities in a research note on Thursday, April 28th. Jefferies Group downgraded AvalonBay Communities from a “buy” rating to a “hold” rating and dropped their price target for the stock from $205.00 to $188.00 in a research note on Wednesday, June 8th. Finally, KeyCorp downgraded AvalonBay Communities to an “overweight” rating in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $194.50.
The firm’s 50-day moving average is $177.86 and its 200 day moving average is $178.98. The stock has a market capitalization of $25.42 billion and a price-to-earnings ratio of 32.57.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, April 27th. The real estate investment trust reported $2.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.04. The firm had revenue of $508.49 million for the quarter, compared to the consensus estimate of $484.23 million. The business’s revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.88 earnings per share. On average, equities research analysts predict that AvalonBay Communities Inc. will post $8.36 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, June 28th. This represents a $5.40 annualized dividend and a yield of 2.91%.
In other news, CFO Kevin P. O’shea sold 6,535 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $180.66, for a total value of $1,180,613.10. Following the sale, the chief financial officer now directly owns 20,751 shares of the company’s stock, valued at approximately $3,748,875.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Naughton sold 59,340 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $190.99, for a total value of $11,333,346.60. Following the completion of the sale, the chief executive officer now directly owns 148,798 shares in the company, valued at $28,418,930.02. The disclosure for this sale can be found here.
Several hedge funds recently modified their holdings of AVB. KBC Group NV boosted its stake in shares of AvalonBay Communities by 4.9% in the fourth quarter. KBC Group NV now owns 74,132 shares of the real estate investment trust’s stock worth $13,650,000 after buying an additional 3,495 shares in the last quarter. State of Tennessee Treasury Department raised its position in shares of AvalonBay Communities by 45.1% in the fourth quarter. State of Tennessee Treasury Department now owns 29,179 shares of the real estate investment trust’s stock worth $5,372,000 after buying an additional 9,072 shares during the last quarter. Employees Retirement System of Texas raised its position in shares of AvalonBay Communities by 25.7% in the fourth quarter. Employees Retirement System of Texas now owns 103,259 shares of the real estate investment trust’s stock worth $19,013,000 after buying an additional 21,100 shares during the last quarter. Gluskin Sheff & Assoc Inc. purchased a new position in shares of AvalonBay Communities during the fourth quarter worth $2,005,000. Finally, Dimensional Fund Advisors LP raised its position in shares of AvalonBay Communities by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,719,040 shares of the real estate investment trust’s stock worth $316,529,000 after buying an additional 60,446 shares during the last quarter.
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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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