Forward Management LLC Reduces Position in AvalonBay Communities, Inc. (NYSE:AVB)
Forward Management LLC lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 7.2% during the second quarter, Holdings Channel reports. The fund owned 16,700 shares of the real estate investment trust’s stock after selling 1,300 shares during the period. Forward Management LLC’s holdings in AvalonBay Communities were worth $3,210,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Creative Planning raised its stake in AvalonBay Communities by 0.4% in the second quarter. Creative Planning now owns 542 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 2 shares during the last quarter. Muzinich & Co. Inc. raised its stake in AvalonBay Communities by 104.0% in the first quarter. Muzinich & Co. Inc. now owns 665 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 339 shares during the last quarter. Perigon Wealth Management LLC raised its stake in AvalonBay Communities by 546.9% in the first quarter. Perigon Wealth Management LLC now owns 1,035 shares of the real estate investment trust’s stock valued at $191,000 after buying an additional 875 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in AvalonBay Communities during the second quarter valued at about $201,000. Finally, Bbva Compass Bancshares Inc. bought a new stake in AvalonBay Communities during the second quarter valued at about $206,000. Institutional investors and hedge funds own 98.59% of the company’s stock.
Shares of AvalonBay Communities, Inc. (NYSE AVB) opened at 189.27 on Thursday. The company has a market cap of $26.01 billion, a price-to-earnings ratio of 25.22 and a beta of 0.34. AvalonBay Communities, Inc. has a 1-year low of $158.32 and a 1-year high of $199.52. The firm has a 50-day moving average price of $190.44 and a 200 day moving average price of $186.97.
AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $2.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.14 by $0.05. AvalonBay Communities had a return on equity of 9.88% and a net margin of 47.90%. The firm had revenue of $530.51 million for the quarter, compared to the consensus estimate of $529.48 million. During the same period in the prior year, the business earned $2.03 EPS. On average, analysts predict that AvalonBay Communities, Inc. will post $5.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders 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 annualized dividend and a dividend yield of 3.00%. AvalonBay Communities’s dividend payout ratio is currently 78.13%.
Several analysts recently issued reports on the company. BMO Capital Markets reiterated a “hold” rating and set a $191.00 target price on shares of AvalonBay Communities in a report on Wednesday, August 2nd. BidaskClub upgraded AvalonBay Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Barclays PLC upped their target price on AvalonBay Communities from $188.00 to $189.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 18th. BTIG Research upped their target price on AvalonBay Communities from $191.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, April 24th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $203.00 target price on shares of AvalonBay Communities in a report on Sunday, July 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. AvalonBay Communities presently has a consensus rating of “Hold” and a consensus target price of $193.58.
In other AvalonBay Communities news, insider William M. Mclaughlin sold 5,112 shares of AvalonBay Communities stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $193.88, for a total transaction of $991,114.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Edward M. Schulman sold 1,764 shares of AvalonBay Communities stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $191.82, for a total transaction of $338,370.48. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.
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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