New Mexico Educational Retirement Board lowered its position in AvalonBay Communities Inc (NYSE:AVB) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,996 shares of the real estate investment trust’s stock after selling 500 shares during the period. New Mexico Educational Retirement Board’s holdings in AvalonBay Communities were worth $6,058,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the company. Old Mutual Global Investors UK Ltd. bought a new stake in shares of AvalonBay Communities during the third quarter valued at about $3,873,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of AvalonBay Communities by 4.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 553,491 shares of the real estate investment trust’s stock valued at $98,433,000 after buying an additional 21,515 shares in the last quarter. DnB Asset Management AS increased its stake in shares of AvalonBay Communities by 8.8% in the third quarter. DnB Asset Management AS now owns 11,178 shares of the real estate investment trust’s stock valued at $1,988,000 after buying an additional 900 shares in the last quarter. World Asset Management Inc increased its stake in shares of AvalonBay Communities by 1.5% in the third quarter. World Asset Management Inc now owns 16,940 shares of the real estate investment trust’s stock valued at $3,013,000 after buying an additional 256 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its position in AvalonBay Communities by 4.8% in the third quarter. Nikko Asset Management Americas Inc. now owns 4,400 shares of the real estate investment trust’s stock worth $782,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 97.05% of the company’s stock.
Shares of AvalonBay Communities Inc (NYSE:AVB) traded down 0.32% on Friday, reaching $191.25. 1,166,910 shares of the company traded hands. AvalonBay Communities Inc has a 52-week low of $158.32 and a 52-week high of $194.11. The stock has a market cap of $26.28 billion, a price-to-earnings ratio of 25.48 and a beta of 0.33. The stock has a 50 day moving average of $188.65 and a 200 day moving average of $178.37.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $2.09 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by $0.02. AvalonBay Communities had a net margin of 50.56% and a return on equity of 10.36%. The company had revenue of $522.33 million during the quarter, compared to analyst estimates of $520.56 million. During the same quarter in the previous year, the business posted $1.97 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts expect that AvalonBay Communities Inc will post $5.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $1.42 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.97%. AvalonBay Communities’s payout ratio is currently 71.81%.
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AVB has been the subject of a number of analyst reports. Barclays PLC decreased their price objective on shares of AvalonBay Communities from $178.00 to $167.00 and set an “equal weight” rating for the company in a research report on Monday, January 23rd. Zelman & Associates cut shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Monday, February 13th. Mizuho reaffirmed a “buy” rating and set a $190.00 price target on shares of AvalonBay Communities in a research report on Tuesday, February 7th. Bank of America Corp upgraded shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $202.00 price target on the stock in a research note on Wednesday, March 8th. Finally, BMO Capital Markets restated a “hold” rating and issued a $183.00 price target on shares of AvalonBay Communities in a research note on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $192.00.
In other AvalonBay Communities news, CFO Kevin P. O’shea sold 3,560 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $182.19, for a total transaction of $648,596.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy J. Naughton sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $191.14, for a total transaction of $1,911,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,784 shares of company stock worth $7,964,242. 0.53% of the stock is currently owned by corporate insiders.
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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