Retirement Systems of Alabama reduced its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 55.3% during the second quarter, Holdings Channel reports. The institutional investor owned 66,806 shares of the real estate investment trust’s stock after selling 82,677 shares during the period. Retirement Systems of Alabama’s holdings in AvalonBay Communities were worth $12,838,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its position 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 valued at $4,013,036,000 after buying an additional 406,218 shares in the last quarter. BlackRock Inc. raised its position 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 valued at $2,643,476,000 after buying an additional 13,879,505 shares in the last quarter. FMR LLC raised its position 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 valued at $802,753,000 after buying an additional 773,410 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 valued at $571,387,000 after buying an additional 65,999 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of AvalonBay Communities by 7.3% in the second quarter. Daiwa Securities Group Inc. now owns 2,774,022 shares of the real estate investment trust’s stock valued at $533,084,000 after buying an additional 188,396 shares in the last quarter. Institutional investors and hedge funds own 98.59% of the company’s stock.

Shares of AvalonBay Communities, Inc. (AVB) opened at 189.27 on Thursday. The company has a 50-day moving average price of $190.44 and a 200-day moving average price of $186.97. The company has a market cap of $26.01 billion, a PE ratio of 25.22 and a beta of 0.34. AvalonBay Communities, Inc. has a 1-year low of $158.32 and a 1-year high of $199.52.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $2.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.14 by $0.05. AvalonBay Communities had a return on equity of 9.88% and a net margin of 47.90%. The business had revenue of $530.51 million during the quarter, compared to analysts’ expectations of $529.48 million. During the same period in the prior year, the firm posted $2.03 EPS. Equities research analysts expect that AvalonBay Communities, Inc. will post $5.03 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $1.42 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $5.68 annualized dividend and a dividend yield of 3.00%. AvalonBay Communities’s payout ratio is presently 78.13%.

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AVB has been the subject of a number of recent research reports. BidaskClub downgraded AvalonBay Communities from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BTIG Research upped their price target on AvalonBay Communities from $191.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, April 24th. BMO Capital Markets reaffirmed a “hold” rating and set a $191.00 price target on shares of AvalonBay Communities in a research report on Wednesday, August 2nd. Barclays PLC upped their price target on AvalonBay Communities from $174.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Finally, Evercore ISI reduced their price target on AvalonBay Communities from $188.00 to $186.00 and set an “in-line” rating for the company in a research report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. AvalonBay Communities currently has a consensus rating of “Hold” and a consensus price target of $193.58.

In other AvalonBay Communities news, EVP Edward M. Schulman sold 1,764 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $191.82, for a total value of $338,370.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William M. Mclaughlin sold 5,112 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $193.88, for a total value of $991,114.56. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

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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