Sumitomo Mitsui Trust Group Inc. Sells 4,722 Shares of AvalonBay Communities, Inc. $AVB

Sumitomo Mitsui Trust Group Inc. cut its position in AvalonBay Communities, Inc. (NYSE:AVB) by 0.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 724,280 shares of the real estate investment trust’s stock after selling 4,722 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.52% of AvalonBay Communities worth $118,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. lifted its stake in shares of AvalonBay Communities by 3.9% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 84,885 shares of the real estate investment trust’s stock valued at $13,748,000 after buying an additional 3,154 shares in the last quarter. Abel Hall LLC increased its stake in AvalonBay Communities by 50.5% in the 1st quarter. Abel Hall LLC now owns 1,791 shares of the real estate investment trust’s stock worth $293,000 after buying an additional 601 shares in the last quarter. HB Wealth Management LLC increased its stake in AvalonBay Communities by 34.0% in the 1st quarter. HB Wealth Management LLC now owns 2,872 shares of the real estate investment trust’s stock worth $469,000 after buying an additional 728 shares in the last quarter. Optas LLC bought a new stake in AvalonBay Communities during the first quarter valued at about $377,000. Finally, Leonteq Securities AG bought a new stake in AvalonBay Communities during the first quarter valued at about $55,000. 92.61% of the stock is currently owned by institutional investors.

AvalonBay Communities Price Performance

Shares of NYSE AVB traded up $2.42 during midday trading on Friday, reaching $191.88. 924,303 shares of the stock traded hands, compared to its average volume of 1,044,461. The company’s 50 day moving average is $186.13 and its 200 day moving average is $178.79. AvalonBay Communities, Inc. has a one year low of $160.10 and a one year high of $205.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $26.69 billion, a PE ratio of 27.81, a P/E/G ratio of 3.30 and a beta of 0.77.

AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.47). The business had revenue of $770.28 million during the quarter, compared to the consensus estimate of $768.80 million. AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.During the same quarter in the prior year, the firm posted $2.83 EPS. On average, equities research analysts anticipate that AvalonBay Communities, Inc. will post 11.28 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 30th. AvalonBay Communities’s dividend payout ratio (DPR) is presently 103.19%.

Wall Street Analysts Forecast Growth

AVB has been the subject of a number of recent analyst reports. Wall Street Zen raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Wolfe Research raised AvalonBay Communities from an “outperform” rating to an “outperform” rating and set a $209.00 target price on the stock in a research note on Monday, June 1st. UBS Group lowered their price target on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Morgan Stanley reissued an “equal weight” rating and issued a $203.00 price target (down from $208.00) on shares of AvalonBay Communities in a report on Thursday, March 26th. Finally, Scotiabank upped their price target on AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $195.67.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.