Narwhal Capital Management Buys 6,921 Shares of AvalonBay Communities, Inc. $AVB

Narwhal Capital Management lifted its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 12.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,833 shares of the real estate investment trust’s stock after buying an additional 6,921 shares during the period. Narwhal Capital Management’s holdings in AvalonBay Communities were worth $11,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of AVB. Mather Group LLC. bought a new stake in AvalonBay Communities in the third quarter valued at $30,000. Clearstead Trust LLC boosted its stake in shares of AvalonBay Communities by 62.0% in the 2nd quarter. Clearstead Trust LLC now owns 162 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 62 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of AvalonBay Communities in the 2nd quarter worth about $36,000. Sound Income Strategies LLC increased its position in shares of AvalonBay Communities by 76.4% during the 2nd quarter. Sound Income Strategies LLC now owns 187 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 81 shares in the last quarter. Finally, Hilltop National Bank bought a new position in AvalonBay Communities during the 2nd quarter valued at about $58,000. Institutional investors own 92.61% of the company’s stock.

AvalonBay Communities Stock Performance

AVB stock opened at $179.48 on Friday. The company has a 50 day moving average price of $179.56 and a 200 day moving average price of $188.43. AvalonBay Communities, Inc. has a fifty-two week low of $166.73 and a fifty-two week high of $230.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $25.41 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 3.13 and a beta of 0.75.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Thursday, October 30th. The real estate investment trust reported $2.75 EPS for the quarter, missing the consensus estimate of $2.81 by ($0.06). The firm had revenue of $766.80 million during the quarter, compared to analyst estimates of $766.22 million. AvalonBay Communities had a net margin of 38.78% and a return on equity of 9.72%. During the same period last year, the business posted $2.74 earnings per share. Analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, December 31st. AvalonBay Communities’s payout ratio is currently 85.47%.

Wall Street Analyst Weigh In

A number of research firms have commented on AVB. UBS Group reduced their price target on shares of AvalonBay Communities from $192.00 to $191.00 and set a “neutral” rating on the stock in a research report on Thursday. Morgan Stanley reduced their target price on AvalonBay Communities from $225.00 to $222.50 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Mizuho dropped their price target on AvalonBay Communities from $199.00 to $191.00 and set a “neutral” rating for the company in a report on Monday, November 24th. Scotiabank reduced their price objective on AvalonBay Communities from $215.00 to $193.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 4th. Finally, Royal Bank Of Canada decreased their target price on AvalonBay Communities from $202.00 to $197.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 4th. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $205.82.

About AvalonBay Communities

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.