Bank of Nova Scotia reduced its stake in AvalonBay Communities Inc (NYSE:AVB) by 13.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,131 shares of the real estate investment trust’s stock after selling 2,431 shares during the period. Bank of Nova Scotia’s holdings in AvalonBay Communities were worth $2,601,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVB. Adviser Investments LLC acquired a new stake in shares of AvalonBay Communities in the second quarter valued at $124,000. Assetmark Inc. raised its stake in shares of AvalonBay Communities by 44.1% in the first quarter. Assetmark Inc. now owns 1,156 shares of the real estate investment trust’s stock valued at $190,000 after acquiring an additional 354 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new stake in shares of AvalonBay Communities in the first quarter valued at $201,000. HRT Financial LLC acquired a new stake in shares of AvalonBay Communities in the second quarter valued at $201,000. Finally, Whittier Trust Co. raised its stake in shares of AvalonBay Communities by 86.2% in the second quarter. Whittier Trust Co. now owns 1,873 shares of the real estate investment trust’s stock valued at $266,000 after acquiring an additional 867 shares in the last quarter. Institutional investors and hedge funds own 93.12% of the company’s stock.

Several brokerages have recently issued reports on AVB. Bank of America increased their price objective on AvalonBay Communities from $197.00 to $198.00 and gave the company a “hold” rating in a research note on Friday, June 8th. Stifel Nicolaus increased their price objective on AvalonBay Communities from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. ValuEngine upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Deutsche Bank increased their price objective on AvalonBay Communities from $186.00 to $192.00 and gave the company a “hold” rating in a research note on Wednesday, September 5th. Finally, Argus raised their price target on AvalonBay Communities to $196.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. AvalonBay Communities currently has a consensus rating of “Hold” and a consensus price target of $192.50.

In other AvalonBay Communities news, COO Sean J. Breslin sold 7,200 shares of the firm’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $182.20, for a total transaction of $1,311,840.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin P. O’shea sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $179.85, for a total value of $359,700.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by company insiders.

AvalonBay Communities stock opened at $180.72 on Tuesday. AvalonBay Communities Inc has a 1-year low of $152.65 and a 1-year high of $188.91. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $25.60 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 2.71 and a beta of 0.33.

AvalonBay Communities (NYSE:AVB) last posted its quarterly earnings results on Monday, July 30th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.20 by ($0.36). AvalonBay Communities had a net margin of 39.01% and a return on equity of 8.42%. The business had revenue of $569.24 million during the quarter, compared to analyst estimates of $565.41 million. During the same quarter in the prior year, the business earned $2.09 earnings per share. analysts anticipate that AvalonBay Communities Inc will post 8.99 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, September 27th. AvalonBay Communities’s dividend payout ratio is presently 68.21%.

AvalonBay Communities Company Profile

As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 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.

Further Reading: Diversification in Investing

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

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