Analysts Set Expectations for AvalonBay Communities Inc’s Q4 2017 Earnings (AVB)
AvalonBay Communities Inc (NYSE:AVB) – Research analysts at Jefferies Group dropped their Q4 2017 earnings per share (EPS) estimates for shares of AvalonBay Communities in a report issued on Tuesday. Jefferies Group analyst O. Okusanya now expects that the real estate investment trust will earn $2.24 per share for the quarter, down from their previous forecast of $2.25.
AVB has been the subject of several other reports. UBS Group upgraded shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $190.00 to $206.00 in a research note on Thursday, November 9th. Mizuho reiterated a “buy” rating and set a $220.00 price objective on shares of AvalonBay Communities in a research note on Monday, November 6th. Evercore ISI upgraded shares of AvalonBay Communities from an “in-line” rating to an “outperform” rating and set a $194.00 price objective for the company in a research note on Monday, September 25th. Stifel Nicolaus reiterated a “buy” rating and set a $209.00 price objective on shares of AvalonBay Communities in a research note on Wednesday, October 4th. Finally, KeyCorp reiterated a “hold” rating on shares of AvalonBay Communities in a research note on Sunday, September 24th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $199.40.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $1.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.17 by ($0.45). AvalonBay Communities had a return on equity of 8.66% and a net margin of 41.55%. The firm had revenue of $550.50 million during the quarter, compared to analysts’ expectations of $539.69 million. During the same period in the prior year, the firm posted $2.11 earnings per share. AvalonBay Communities’s revenue for the quarter was up 6.6% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bartlett & Co. LLC increased its holdings in AvalonBay Communities by 112.8% in the fourth quarter. Bartlett & Co. LLC now owns 681 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 361 shares in the last quarter. Amica Retiree Medical Trust purchased a new position in AvalonBay Communities in the third quarter valued at $132,000. WFG Advisors LP increased its holdings in AvalonBay Communities by 24.9% in the second quarter. WFG Advisors LP now owns 839 shares of the real estate investment trust’s stock valued at $161,000 after buying an additional 167 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in AvalonBay Communities in the second quarter valued at $226,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in AvalonBay Communities in the third quarter valued at $227,000. 94.86% of the stock is owned by institutional investors.
In related news, CEO Timothy J. Naughton sold 25,160 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $183.84, for a total transaction of $4,625,414.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Leo S. Horey III sold 2,000 shares of AvalonBay Communities stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $182.75, for a total transaction of $365,500.00. The disclosure for this sale can be found here. Insiders have sold 30,660 shares of company stock valued at $5,628,669 over the last 90 days. 0.46% of the stock is currently owned by insiders.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were given a dividend of $1.42 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $5.68 dividend on an annualized basis and a yield of 3.37%. AvalonBay Communities’s dividend payout ratio is presently 88.75%.
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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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