AvalonBay Communities Inc (NYSE:AVB) had its price objective lowered by research analysts at Evercore ISI from $188.00 to $186.00 in a report released on Wednesday. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price would suggest a potential downside of 0.56% from the company’s previous close.
A number of other equities analysts also recently commented on the stock. Zelman & Associates downgraded shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Monday, February 13th. 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 report on Monday, January 23rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $183.00 price objective on shares of AvalonBay Communities in a report on Thursday, February 2nd. Bank of America Corp raised shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $202.00 price objective for the company in a report on Wednesday, March 8th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a report on Monday, February 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $191.91.
AvalonBay Communities (NYSE:AVB) traded down 0.53% on Wednesday, reaching $187.04. 565,768 shares of the company’s stock traded hands. The firm has a market capitalization of $25.69 billion, a P/E ratio of 24.87 and a beta of 0.33. AvalonBay Communities has a 52 week low of $158.32 and a 52 week high of $192.29. The stock has a 50-day moving average of $184.27 and a 200 day moving average of $175.04.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, February 1st. The real estate investment trust reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.94. The firm earned $518.24 million during the quarter, compared to the consensus estimate of $517.45 million. AvalonBay Communities had a net margin of 50.56% and a return on equity of 10.36%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. On average, equities analysts expect that AvalonBay Communities will post $4.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Friday, March 31st were issued a dividend of $1.42 per share. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Wednesday, March 29th. This represents a $5.68 annualized dividend and a dividend yield of 3.04%. AvalonBay Communities’s payout ratio is 71.81%.
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In related news, insider Leo S. Horey III sold 1,000 shares of AvalonBay Communities stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $183.50, for a total transaction of $183,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin P. O’shea sold 3,560 shares of AvalonBay Communities stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $182.19, for a total transaction of $648,596.40. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.
Several large investors have recently modified their holdings of AVB. Price T Rowe Associates Inc. MD boosted its stake in shares of AvalonBay Communities by 6.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,418,752 shares of the real estate investment trust’s stock worth $607,991,000 after buying an additional 213,856 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of AvalonBay Communities by 9.1% in the third quarter. Principal Financial Group Inc. now owns 2,751,314 shares of the real estate investment trust’s stock worth $489,293,000 after buying an additional 229,864 shares in the last quarter. Northern Trust Corp boosted its stake in shares of AvalonBay Communities by 1.6% in the third quarter. Northern Trust Corp now owns 2,160,752 shares of the real estate investment trust’s stock worth $384,268,000 after buying an additional 33,742 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of AvalonBay Communities by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,544 shares of the real estate investment trust’s stock worth $324,278,000 after buying an additional 18,795 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of AvalonBay Communities during the fourth quarter worth $198,304,000. Institutional investors and hedge funds own 97.05% 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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