Salem Capital Management Inc. Sells 300 Shares of AvalonBay Communities Inc (AVB)
Salem Capital Management Inc. trimmed its holdings in shares of AvalonBay Communities Inc (NYSE:AVB) by 11.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,364 shares of the real estate investment trust’s stock after selling 300 shares during the period. Salem Capital Management Inc.’s holdings in AvalonBay Communities were worth $475,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of AVB. CI Investments Inc. increased its stake in shares of AvalonBay Communities by 6.8% during the 3rd quarter. CI Investments Inc. now owns 108,220 shares of the real estate investment trust’s stock worth $19,604,000 after purchasing an additional 6,920 shares in the last quarter. Martingale Asset Management L P increased its stake in shares of AvalonBay Communities by 617.2% during the 3rd quarter. Martingale Asset Management L P now owns 132,131 shares of the real estate investment trust’s stock worth $23,936,000 after purchasing an additional 113,707 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of AvalonBay Communities during the 3rd quarter worth approximately $544,000. Pacer Advisors Inc. increased its stake in shares of AvalonBay Communities by 11.8% during the 3rd quarter. Pacer Advisors Inc. now owns 13,652 shares of the real estate investment trust’s stock worth $2,473,000 after purchasing an additional 1,441 shares in the last quarter. Finally, Vident Investment Advisory LLC increased its stake in shares of AvalonBay Communities by 48.3% during the 3rd quarter. Vident Investment Advisory LLC now owns 16,808 shares of the real estate investment trust’s stock worth $3,044,000 after purchasing an additional 5,478 shares in the last quarter. 93.07% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the stock. Barclays raised their price objective on shares of AvalonBay Communities from $203.00 to $211.00 and gave the stock an “equal weight” rating in a research note on Thursday. KeyCorp raised their price objective on shares of AvalonBay Communities from $199.00 to $207.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Citigroup cut shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $190.00 to $205.00 in a research note on Thursday, February 21st. They noted that the move was a valuation call. SunTrust Banks raised their target price on shares of AvalonBay Communities to $208.00 and gave the stock an “average” rating in a research report on Thursday, February 14th. Finally, ValuEngine upgraded shares of AvalonBay Communities from a “hold” rating to a “buy” rating in a research report on Thursday, January 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $200.75.
NYSE AVB traded down $0.40 during mid-day trading on Monday, reaching $203.68. 12,657 shares of the stock were exchanged, compared to its average volume of 543,580. AvalonBay Communities Inc has a 1-year low of $156.93 and a 1-year high of $204.14. The firm has a market cap of $28.30 billion, a P/E ratio of 22.64, a price-to-earnings-growth ratio of 3.87 and a beta of 0.61. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.63 and a current ratio of 0.63.
AvalonBay Communities (NYSE:AVB) last announced its earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.32 by ($0.01). AvalonBay Communities had a return on equity of 9.33% and a net margin of 42.66%. The firm had revenue of $578.52 million for the quarter, compared to analyst estimates of $576.56 million. During the same quarter last year, the business posted $1.72 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts predict that AvalonBay Communities Inc will post 9.32 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be issued a $1.52 dividend. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, March 28th. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.47. AvalonBay Communities’s dividend payout ratio (DPR) is 67.56%.
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About AvalonBay Communities
As of December 31, 2018, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,158 apartment homes in 12 states and the District of Columbia, of which 21 communities were under development and nine 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.
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