Lord Abbett & CO. LLC lessened its holdings in shares of AvalonBay Communities Inc (NYSE:AVB) by 76.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 70,400 shares of the real estate investment trust’s stock after selling 233,950 shares during the period. Lord Abbett & CO. LLC owned 0.05% of AvalonBay Communities worth $11,578,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Long Pond Capital LP boosted its stake in AvalonBay Communities by 214.0% in the 1st quarter. Long Pond Capital LP now owns 447,296 shares of the real estate investment trust’s stock worth $73,562,000 after purchasing an additional 304,838 shares during the period. Chilton Capital Management LLC lifted its position in AvalonBay Communities by 4.2% during the 1st quarter. Chilton Capital Management LLC now owns 132,250 shares of the real estate investment trust’s stock worth $21,750,000 after buying an additional 5,340 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in AvalonBay Communities by 16.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 10,124 shares of the real estate investment trust’s stock worth $1,665,000 after buying an additional 1,425 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in AvalonBay Communities by 2.7% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 134,121 shares of the real estate investment trust’s stock worth $22,057,000 after buying an additional 3,483 shares in the last quarter. Finally, Investec Asset Management PTY Ltd bought a new stake in AvalonBay Communities during the 1st quarter worth about $875,000. 93.28% of the stock is owned by hedge funds and other institutional investors.
Shares of AvalonBay Communities traded up $0.42, hitting $170.03, during trading hours on Thursday, MarketBeat.com reports. 25,796 shares of the company’s stock traded hands, compared to its average volume of 816,848. AvalonBay Communities Inc has a 12 month low of $152.65 and a 12 month high of $196.13. The company has a market capitalization of $23.68 billion, a P/E ratio of 19.63, a PEG ratio of 2.60 and a beta of 0.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.75.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Wednesday, April 25th. The real estate investment trust reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.19 by ($1.16). AvalonBay Communities had a return on equity of 7.57% and a net margin of 35.62%. The firm had revenue of $560.80 million for the quarter, compared to the consensus estimate of $556.23 million. During the same period in the prior year, the business earned $2.09 EPS. AvalonBay Communities’s quarterly revenue was up 7.4% on a year-over-year basis. sell-side analysts forecast that AvalonBay Communities Inc will post 8.95 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be issued a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Thursday, June 28th. AvalonBay Communities’s payout ratio is 68.21%.
A number of equities research analysts have recently issued reports on AVB shares. Argus dropped their target price on shares of AvalonBay Communities from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, March 1st. Robert W. Baird set a $178.00 target price on shares of AvalonBay Communities and gave the company a “buy” rating in a report on Friday, March 2nd. BMO Capital Markets set a $175.00 price target on shares of AvalonBay Communities and gave the company a “hold” rating in a report on Friday, March 2nd. BTIG Research lowered their price target on shares of AvalonBay Communities to $189.00 and set a “buy” rating on the stock in a report on Thursday, March 15th. Finally, Citigroup raised shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $190.00 price target on the stock in a report on Friday, April 6th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the stock. AvalonBay Communities presently has an average rating of “Hold” and an average price target of $189.32.
AvalonBay Communities Company Profile
As of December 31, 2017, the Company owned or held a direct or indirect ownership interest in 288 apartment communities containing 84,158 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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