Laurel Grove Capital LLC Has $2.81 Million Stake in AvalonBay Communities Inc (AVB)
Laurel Grove Capital LLC trimmed its position in AvalonBay Communities Inc (NYSE:AVB) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,740 shares of the real estate investment trust’s stock after selling 1,060 shares during the quarter. AvalonBay Communities comprises approximately 1.5% of Laurel Grove Capital LLC’s holdings, making the stock its 23rd largest position. Laurel Grove Capital LLC’s holdings in AvalonBay Communities were worth $2,808,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of AVB. GSA Capital Partners LLP acquired a new stake in shares of AvalonBay Communities in the second quarter worth $1,224,000. Cibc World Markets Corp lifted its stake in shares of AvalonBay Communities by 35.7% in the second quarter. Cibc World Markets Corp now owns 19,467 shares of the real estate investment trust’s stock worth $3,741,000 after buying an additional 5,117 shares during the last quarter. Advisor Group Inc. lifted its stake in shares of AvalonBay Communities by 10.1% in the second quarter. Advisor Group Inc. now owns 2,949 shares of the real estate investment trust’s stock worth $566,000 after buying an additional 271 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of AvalonBay Communities by 14.3% in the second quarter. Parametric Portfolio Associates LLC now owns 278,587 shares of the real estate investment trust’s stock worth $53,536,000 after buying an additional 34,950 shares during the last quarter. Finally, Veritable L.P. lifted its stake in shares of AvalonBay Communities by 12.2% in the second quarter. Veritable L.P. now owns 11,415 shares of the real estate investment trust’s stock worth $2,194,000 after buying an additional 1,240 shares during the last quarter. Institutional investors and hedge funds own 94.86% of the company’s stock.
A number of analysts have recently weighed in on the stock. UBS Group upgraded shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $190.00 to $206.00 in a research note on Thursday, November 9th. BMO Capital Markets restated a “hold” rating and issued a $190.00 price objective on shares of AvalonBay Communities in a research note on Monday, November 27th. JPMorgan Chase & Co. cut shares of AvalonBay Communities from an “overweight” rating to a “neutral” rating and set a $211.00 price objective for the company. in a research note on Friday, December 15th. Royal Bank of Canada reduced their price objective on shares of AvalonBay Communities from $206.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, November 6th. Finally, Mizuho restated a “buy” rating and issued a $220.00 price objective on shares of AvalonBay Communities in a research note on Monday, November 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $199.06.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $1.72 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $550.50 million for the quarter, compared to the consensus estimate of $539.69 million. During the same period last year, the firm posted $2.11 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. analysts expect that AvalonBay Communities Inc will post 8.62 EPS for the current fiscal year.
The business 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. This represents a $5.68 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Thursday, December 28th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 88.75%.
In other AvalonBay Communities news, insider Leo S. Horey III sold 2,000 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $181.89, for a total value of $363,780.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold 30,660 shares of company stock worth $5,628,669 in the last ninety days. 0.46% of the stock is currently owned by insiders.
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AvalonBay Communities Profile
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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