Canada Pension Plan Investment Board reduced its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 37.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,847 shares of the real estate investment trust’s stock after selling 59,200 shares during the period. Canada Pension Plan Investment Board owned approximately 0.07% of AvalonBay Communities worth $18,803,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the stock. BlackRock Inc. boosted its stake in AvalonBay Communities by 2,676.8% in the first quarter. BlackRock Inc. now owns 14,398,025 shares of the real estate investment trust’s stock valued at $2,643,476,000 after buying an additional 13,879,505 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in AvalonBay Communities by 236.1% in the first quarter. Daiwa Securities Group Inc. now owns 2,585,626 shares of the real estate investment trust’s stock valued at $474,721,000 after buying an additional 1,816,302 shares in the last quarter. FMR LLC boosted its stake in AvalonBay Communities by 21.5% in the first quarter. FMR LLC now owns 4,372,295 shares of the real estate investment trust’s stock valued at $802,753,000 after buying an additional 773,410 shares in the last quarter. Vanguard Group Inc. boosted its stake in AvalonBay Communities by 1.9% in the first quarter. Vanguard Group Inc. now owns 21,857,497 shares of the real estate investment trust’s stock valued at $4,013,036,000 after buying an additional 406,218 shares in the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake in AvalonBay Communities by 19,117.0% in the second quarter. Harbour Capital Advisors LLC now owns 329,572 shares of the real estate investment trust’s stock valued at $1,715,000 after buying an additional 327,857 shares in the last quarter. 97.89% of the stock is owned by institutional investors.
AvalonBay Communities, Inc. (AVB) opened at 191.57 on Tuesday. The firm’s 50 day moving average price is $190.06 and its 200-day moving average price is $187.37. AvalonBay Communities, Inc. has a one year low of $158.32 and a one year high of $199.52. The company has a market capitalization of $26.38 billion, a PE ratio of 26.38 and a beta of 0.34.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, August 2nd. The real estate investment trust reported $2.09 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by $0.05. The company had revenue of $530.51 million for the quarter, compared to the consensus estimate of $529.48 million. AvalonBay Communities had a net margin of 47.90% and a return on equity of 9.88%. During the same quarter in the previous year, the company posted $2.03 earnings per share. Equities analysts forecast that AvalonBay Communities, Inc. will post $5.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a dividend of $1.42 per share. The ex-dividend date was Wednesday, June 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.96%. AvalonBay Communities’s payout ratio is 78.13%.
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AVB has been the subject of several research reports. JMP Securities cut AvalonBay Communities from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 19th. They noted that the move was a valuation call. BMO Capital Markets reissued a “hold” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a research report on Thursday, May 25th. Deutsche Bank AG cut AvalonBay Communities from a “buy” rating to a “hold” rating and set a $193.00 price objective for the company. in a research report on Wednesday, May 17th. Evercore ISI reduced their price objective on AvalonBay Communities from $188.00 to $186.00 and set an “in-line” rating for the company in a research report on Wednesday, April 19th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $203.00 price objective on shares of AvalonBay Communities in a research report on Sunday, July 16th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $193.58.
In other news, insider William M. Mclaughlin sold 5,112 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $193.88, for a total transaction of $991,114.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.
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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