Raymond James & Associates lessened its position in AvalonBay Communities Inc (NYSE:AVB) by 12.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,313 shares of the real estate investment trust’s stock after selling 875 shares during the quarter. Raymond James & Associates’ holdings in AvalonBay Communities were worth $1,085,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Glen Harbor Capital Management LLC increased its stake in AvalonBay Communities by 2.6% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 18,904 shares of the real estate investment trust’s stock valued at $3,250,000 after buying an additional 476 shares during the period. Rampart Investment Management Company LLC acquired a new position in shares of AvalonBay Communities during the 2nd quarter worth $1,734,000. OppenheimerFunds Inc. increased its stake in shares of AvalonBay Communities by 79.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,487 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 1,100 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of AvalonBay Communities during the 2nd quarter worth $4,973,000. Finally, Security Capital Research & Management Inc. increased its stake in shares of AvalonBay Communities by 18.7% during the 2nd quarter. Security Capital Research & Management Inc. now owns 512,268 shares of the real estate investment trust’s stock worth $88,054,000 after purchasing an additional 80,525 shares during the last quarter. Institutional investors and hedge funds own 93.22% of the company’s stock.
NYSE:AVB opened at $176.30 on Friday. AvalonBay Communities Inc has a 1 year low of $152.65 and a 1 year high of $188.91. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $24.33 billion, a P/E ratio of 19.93, a PEG ratio of 2.57 and a beta of 0.33.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were paid a $1.47 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $5.88 dividend on an annualized basis and a yield of 3.34%. AvalonBay Communities’s payout ratio is presently 68.21%.
In related news, COO Sean J. Breslin sold 7,200 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $182.20, for a total value of $1,311,840.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin P. O’shea sold 2,000 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $179.85, for a total transaction of $359,700.00. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
AVB has been the topic of several analyst reports. Zelman & Associates lowered shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Mizuho restated a “buy” rating and set a $212.00 price target on shares of AvalonBay Communities in a research note on Monday, August 6th. Robert W. Baird lowered shares of AvalonBay Communities from an “outperform” rating to a “neutral” rating and set a $197.00 price target on the stock. in a research note on Wednesday, August 15th. Deutsche Bank increased their price target on shares of AvalonBay Communities from $186.00 to $192.00 and gave the stock a “hold” rating in a research note on Wednesday, September 5th. Finally, Argus increased their price target on shares of AvalonBay Communities to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $192.50.
AvalonBay Communities Profile
As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 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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