AvalonBay Communities Inc (NYSE:AVB) – Jefferies Financial Group boosted their Q1 2019 EPS estimates for shares of AvalonBay Communities in a report issued on Tuesday, February 12th. Jefferies Financial Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings per share of $2.32 for the quarter, up from their previous forecast of $2.29. Jefferies Financial Group also issued estimates for AvalonBay Communities’ FY2021 earnings at $10.21 EPS.
A number of other brokerages have also recently weighed in on AVB. Zacks Investment Research cut shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. BMO Capital Markets raised shares of AvalonBay Communities from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $188.00 to $195.00 in a report on Friday, November 2nd. BTIG Research raised shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $216.00 target price on the stock in a report on Thursday, December 6th. ValuEngine raised shares of AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Thursday, January 24th. Finally, Argus increased their target price on shares of AvalonBay Communities from $196.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, November 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. AvalonBay Communities presently has an average rating of “Hold” and an average target price of $195.50.
AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.32 by ($0.01). The company had revenue of $578.52 million during the quarter, compared to analyst estimates of $576.56 million. AvalonBay Communities had a net margin of 42.66% and a return on equity of 9.33%. The company’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.72 earnings per share.
Institutional investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. grew its position in AvalonBay Communities by 3.1% in the 3rd quarter. Prudential Financial Inc. now owns 794,657 shares of the real estate investment trust’s stock valued at $143,952,000 after buying an additional 24,163 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in AvalonBay Communities by 2.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 640,664 shares of the real estate investment trust’s stock valued at $116,056,000 after buying an additional 16,029 shares in the last quarter. Royal London Asset Management Ltd. grew its position in AvalonBay Communities by 10.5% in the 3rd quarter. Royal London Asset Management Ltd. now owns 67,839 shares of the real estate investment trust’s stock valued at $12,288,000 after buying an additional 6,435 shares in the last quarter. Stone Ridge Asset Management LLC bought a new position in AvalonBay Communities in the 3rd quarter valued at about $4,891,000. Finally, IFP Advisors Inc grew its position in AvalonBay Communities by 627.2% in the 3rd quarter. IFP Advisors Inc now owns 749 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 646 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.
In other news, EVP Edward M. Schulman sold 1,400 shares of the company’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $183.76, for a total transaction of $257,264.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Sean J. Breslin sold 3,366 shares of the company’s stock in a transaction dated Thursday, December 6th. The stock was sold at an average price of $189.08, for a total transaction of $636,443.28. The disclosure for this sale can be found here. Insiders have sold 37,953 shares of company stock valued at $7,096,213 in the last 90 days. Insiders own 0.43% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $1.52 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $6.08 annualized dividend and a dividend yield of 3.10%. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.47. AvalonBay Communities’s dividend payout ratio is currently 65.33%.
About AvalonBay Communities
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 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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