Mackay Shields LLC Sells 2,412 Shares of AvalonBay Communities Inc (NYSE:AVB)

Mackay Shields LLC lessened its position in shares of AvalonBay Communities Inc (NYSE:AVB) by 5.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 44,065 shares of the real estate investment trust’s stock after selling 2,412 shares during the period. Mackay Shields LLC’s holdings in AvalonBay Communities were worth $9,489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVB. CX Institutional grew its holdings in AvalonBay Communities by 85.5% in the third quarter. CX Institutional now owns 115 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 53 shares during the period. NuWave Investment Management LLC grew its holdings in AvalonBay Communities by 575.0% in the second quarter. NuWave Investment Management LLC now owns 216 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 184 shares during the period. Cullen Frost Bankers Inc. grew its holdings in AvalonBay Communities by 900.0% in the second quarter. Cullen Frost Bankers Inc. now owns 250 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 225 shares during the period. CSat Investment Advisory L.P. grew its holdings in AvalonBay Communities by 370.4% in the second quarter. CSat Investment Advisory L.P. now owns 254 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 200 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in AvalonBay Communities in the second quarter worth $60,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE AVB traded up $1.36 during mid-day trading on Friday, reaching $210.50. 52,561 shares of the company’s stock traded hands, compared to its average volume of 740,769. The stock has a market cap of $29.42 billion, a P/E ratio of 23.39, a PEG ratio of 3.66 and a beta of 0.47. The business has a 50-day simple moving average of $216.41 and a 200 day simple moving average of $208.59. AvalonBay Communities Inc has a 1-year low of $167.01 and a 1-year high of $222.87. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.08 and a quick ratio of 1.08.

AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.80. The firm had revenue of $587.61 million during the quarter, compared to analysts’ expectations of $585.86 million. AvalonBay Communities had a net margin of 45.56% and a return on equity of 9.35%. During the same period last year, the company earned $1.39 earnings per share. Equities research analysts anticipate that AvalonBay Communities Inc will post 9.3 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend was Friday, September 27th. AvalonBay Communities’s dividend payout ratio is currently 67.56%.

In related news, EVP William M. Mclaughlin sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $215.11, for a total transaction of $537,775.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward M. Schulman sold 1,301 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $213.47, for a total transaction of $277,724.47. The disclosure for this sale can be found here. Insiders have sold 5,801 shares of company stock valued at $1,243,499 over the last quarter. Corporate insiders own 0.42% of the company’s stock.

A number of equities research analysts have commented on the stock. Barclays restated a “hold” rating and issued a $240.00 price target on shares of AvalonBay Communities in a report on Sunday, October 13th. JPMorgan Chase & Co. raised their price target on shares of AvalonBay Communities from $214.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Wells Fargo & Co raised their price target on shares of AvalonBay Communities from $218.00 to $224.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. BTIG Research raised their price target on shares of AvalonBay Communities to $235.00 and gave the stock a “positive” rating in a report on Thursday, August 15th. Finally, SunTrust Banks raised their price target on shares of AvalonBay Communities from $211.00 to $218.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $219.43.

AvalonBay Communities Company Profile

As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine 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.

Featured Story: How to invest in a bear market

Want to see what other hedge funds are holding AVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AvalonBay Communities Inc (NYSE:AVB).

Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

Receive News & Ratings for AvalonBay Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AvalonBay Communities and related companies with MarketBeat.com's FREE daily email newsletter.